Wentlent Services, Inc. records deferred expenses as expenses when payment is made in advance and deferred revenues as revenues when the payment is received in advance. At the end of the year, Wentlent Services, Inc
makes the necessary adjustments based on accrual basis accounting. On July 1, it paid rent for an office in the amount of $24,000 for the period July 1 through June 30 of the following year. Provide the year-end adjusting entry for rent prepayment.
What will be an ideal response
Prepaid Rent 12,000
Rent Expense 12,000
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a. penalty b. liquidated damage c. chargeback d. holdback
Users prefer systems that
A) are oriented to facilitating organizational tasks and solving business problems. B) work with existing DBMS. C) are able to provide optimum hardware and software efficiency. D) are capable of storing much more data than they need. E) have an easy-to-learn interface.