On a worksheet,the adjusted balance of the Prepaid Rent account is extended to the:

Question

Quizplus · Accepted Answer

The Prepaid Rent account represents an asset as it is a payment made in advance for rent to be utilized in the future. The adjusted balance of the Prepaid Rent account should be extended to the Balance Sheet Debit column as this represents an asset account on the balance sheet. The Income Statement Debit and Credit columns are reserved for revenue and expense accounts, while the Balance Sheet Credit column is reserved for liabilities and equity accounts.

On a Worksheet,the Adjusted Balance of the Prepaid Rent Account