9. If an entity paid $200 for two months' rent in advance on 1 June and recorded it all as rent expense on that date, which of the following would be the necessary adjusting entry at 30 June? Debit prepaid rent $100 and credit rent expense $100 Debit rent expense $200 and credit prepaid rent $200 Debit prepaid rent $200 and credit rent expense $200 Debit rent expense $100 and credit prepaid rent $100 10. Which of the following is not a primary characteristic of the accounting definition of an asset? The capacity to provide benefits to the entity Control over the asset Ownership of the asset Representing past events D 11. George Corporation had the following transactions during the month of August: 1. Owners started the company by investing $400 000 in cash. 2. Purchased $200 000 of equipment by making a $100 000 cash down payment and signed a 90-day note payable for the balance. 3. Purchased land for $500 000, signing a note payable for the full amount. 4. Earned $60 000 of services revenue (of which $40 000 was received in cash with the balance on accounts receivable). What are total assets for George Corporation at the end of August? $1 160 000 $1 060 000 $1 100 000 $1 140 000 D 12. An example of an intangible asset classification on a balance sheet is: improvements to electric cables. rights held for a radio licence to the Himalayas. interest on debentures due to be paid in 2010. shares in BHP Limited