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In October, your company prepays rent of $7,000 for November and December. Which of the following describes the effects of this transaction in October? Multiple
In October, your company prepays rent of $7,000 for November and December. Which of the following describes the effects of this transaction in October? Multiple Choice Assets decrease $7,000 and liabilities decrease $7,000. Assets, liabilities and shareholders' equity all remain unchanged Assets increase $7,000 and shareholders' equity increases $7,000. Liabilities decrease $7,000 and shareholders' equity increases $7,000
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