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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
On September 1, 2016, Joy, Inc. paid $8,000 in advance for an eight-month rental space covering the period of September, 2016 through April 2017. The deferred expense was initially recorded as an asset. Joy, Inc. makes adjusting entries once a year at year-end. The adjusting entry on December 31, 2016 would include a ________.
A) credit of $4,000 to Rent Expense
B) debit of $8,000 to Cash
C) credit of $8,000 to Prepaid Rent
D) debit of $4,000 to Rent Expense
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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