On 12/1/2022 QuickBooks Company paid 12 month of rent in advance for their office space...
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Accounting
On 12/1/2022 QuickBooks Company paid 12 month of rent in advance for their office space for $48,000. The amount was recorded inititally as Prepaid Rent. The adjusting entry at 12/31/22 would be:
Multiple Choice
A. Debit Prepaid Rent and credit Rent expense in the amount of $44,000.
B. Debit Rent Expense and credit Prepaid Rent in the amount of $44,000.
C. Debit Prepaid Rent and credit Rent expense in the amount of $4,000.
D. Debit Rent Expense and credit Prepaid Rent in the amount of $4,000.
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