Answered: Which account would be credited when…

Which account would be credited when closing the account for rent expense for the year?A. Prepaid RentB. Rent ExpenseC. Rent RevenueD. Unearned Rent Revenue

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 10MC: Which account would be credited when closing the account for rent expense for the year? A. Prepaid...

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which account would be credited when closing the account for rent expense for the year?
A. Prepaid Rent
B. Rent Expense
C. Rent Revenue
D. Unearned Rent Revenue

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