Believes in something, values honesty and triump
Owners are not required to pay it to foreign works is incorrect option
that means simply your a business man seller
Answer:
d. net income for the year will be overstated.
Explanation:
The prepaid rent account is used to record the amount paid in advance for rent. Once the amount is paid, the entries required are
Debit Prepaid rent
Credit Cash account
On subsequent use of the rent, the required entries are
Debit Rent expense
Credit Prepaid rent
As such where at the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up / expired was accidentally omitted, net income for the year will be overstated as the rent expense that would have been posted to reduce it would have been omitted.
The answer is C because i just took the test and the answer was C so put C down and i bet 100% you'll get it right
