by: Admin_LouisPosted on:

The adjustment needed as at 31st December 1993 is?

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?

A debit rent account and credited adjustment account

B debit prepayment account and credit rent account

C debit rent account and credit prepayment account

D debit adjustment account and credit prepayment account

Answer is C

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