On August 1,Marietta Appliance Repair paid $2,500 cash to rent office space for the month of August.How would Marietta record this transaction?
A) Accounts Payable increases by $2,500 and Rent Expense increases by $2,500.
B) Cash increases by $2,500 and Rent Revenue increases by $2,500.
C) Cash decreases by $2,500 and Accounts Payable increases by $2,500.
D) Cash decreases by $2,500 and Rent Expense decreases by $2,500.
E) Cash decreases by $2,500 and Rent Expense increases by $2,500.
Correct Answer:
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