Multiple Choice
On September 1,2018,Real Estate Professionals Company paid $5,000 in advance for an eight-month rental space covering the period of September 1,2018 through April 30,2019.The deferred expense was initially recorded as an asset.The company makes adjusting entries once a year at year-end.The adjusting entry on December 31,2018 would include a ________.
A) debit of $5,000 to Cash
B) credit of $5,000 to Prepaid Rent
C) debit of $2,500 to Rent Expense
D) credit of $2,500 to Rent Expense
Correct Answer:
Verified
Correct Answer:
Verified
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