Determine how the accounts would be affected (increase or decrease and debit or credit) for the following
Question:
1. The company paid $4,500 for next year’s rent.
2. The company paid $2,000 of its accounts payable, owed for previously purchased inventory.
3. The company declared and distributed $500 of dividends.
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Account Prepaid rent Cash 2 Accounts payable C...View the full answer
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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