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Which of the following does not correctly describe an adjusting journal entry that debits rent...

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Question

Accounting

Which of the following does not correctly describe an adjusting journal entry that debits rent expense and credits prepaid rent?

Multiple Choice

  • The entry decreases net income and decreases assets.

  • The entry decreases net income and decreases liabilities.

  • The entry increases expenses and decreases current assets.

  • The entry increases expenses and decreases stockholders' equity.

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