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48 On October 1, 2021, Mugunghwa Kkoci Pieot Seumnida (MKPS) Company rented an office space for their additional team. During the same date, MPKS Company paid in full the 10 months rent (P25,000 per month) of this additional office space. The accountant recorded the P250,000 as debit rent expense and credit cash. On December 31, 2021, upon doing the adjusting entries needed, what amount should be debited to Prepaid Rent? * (1 Point) Enter your answer 49 Income Summary has a credit balance of P12,000 in J. Sawyer Co. after dosing revenues and expenses. The entry to close Income Summary is (1 Point) credit Income Summary P12,000, debit J. Sawyer, Capital P12,000 credit Income Summary P12,000, debit 3. Sawyer, Drawing P12,000 debit Income Summary P12,000, credit J. Sawyer, Drawing P12,000 debit Income Summary P12,000, credit J. Sawyer, Capital P12,000 50 If a P 20,000 adjustment for depreciation is made twice, which of the following financial statements error will occur?* (1 Point) Assets will be overstated. Expenses will be overstated. Profit will be overstated. Equity will be overstated. 51 Advantage of a corporation (1 Point) Higher amounts of profit may be obtained because of its large resources It is subject to more legal and tax requirements Abuse of power by the Board of Directors could certainly affect the welfare of the corporation and its shareholders. The owner or proprietor gets all the profits. --52 On October 1, 2021, Mugunghwa Kkoci Pieot Seumnida (MKPS) Company rented an office space for their additional team. During the same date, MPKS Company paid in full the 10 months rent (P25,000 per month) of this additional office space. The accountant recorded the P250,000 as debit rent expense and credit cash. At the beginning of the following year, upon creating the reversing entries, what amount should be debited to Prepaid Rent? * (1 Point) Enter your