Solved

The Balance in the Rent Expense Account on the Worksheet

Question 57

Multiple Choice

The balance in the Rent Expense account on the worksheet was $120.The journal entry to close the Rent Expense account is:


A)  Rent Expense120 Prepaid Rent120\begin{array}{|l|lcc|}\hline \text { Rent Expense}\quad\quad\quad\quad &120 \\ \hline\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Prepaid Rent} &\quad\quad\quad\quad\quad\quad120\\\hline \end{array}

B)  Rent Expense120 Income Summary 120\begin{array}{|l|lcc|}\hline \text { Rent Expense}\quad\quad\quad\quad &120 \\ \hline\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Income Summary } &\quad\quad\quad\quad\quad\quad120\\\hline \end{array}

C)  Rent Expense 120 Capital 120\begin{array} { | r | r | } \hline \text { Rent Expense }\quad\quad\quad\quad\quad\quad\quad\quad\quad & 120 \\\hline \text { Capital } &\quad\quad\quad\quad 120 \\\hline\end{array}
D)  Income Summary120 Rent Expense120\begin{array}{|l|lcc|}\hline \text { Income Summary}\quad\quad\quad\quad &120 \\ \hline\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Rent Expense} &\quad\quad\quad\quad\quad\quad120\\\hline \end{array}

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents