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Answer true or false to the following statements: 1. Prepaid rent is an asset. 2. Accumulated depreciation is a contra-asset. 3. The adjustment for supplies
Answer true or false to the following statements:
1. Prepaid rent is an asset.
2. Accumulated depreciation is a contra-asset.
3. The adjustment for supplies is the amount of supplies used up.
4. The normal balance of accumulated depreciation is a credit.
5. The historical cost of equipment is adjusted.
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