Which of the following adjustment will DECREASE the balance of Total Assets? Rent revenue is recorded for amounts owed by tenant but not yet received. Payment of dividend is recorded. Write-off of uncollectible accounts receivable is recorded. Interest expense incurred on money borrowed during the period but not yet paid to the bank is accrued. Which of the following is a permanent account? Cost of Goods Sold. Sales Revenue. Retained Earnings. Dividend Declared. Which of the following circumstances would result in a DECREASE in net income under both cash basis and accrual basis accounting? The payment of the next month's rent in advance The use of prepaid insurance The purchase of inventory using cash The payment of the current month's interest expense Which of the following accounts normally have a debit balance? Prepaid Insurance Expense O Allowance for Doubtful Account Deferred Revenue Accumulated Depreciation Page 17