Question 11 points Seved The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months rent pard on December 1. The adjusting entry required on December 31 is debit Rent Expense, 58.000: credit Prepaid Rent 58.000 debit Prepaid Rent 58.000 credit Rent Expense. 5.000 . debit Rent Expense. 524.000 credit Prepaid Rent 36.000 debit Prepaid Rent 524.000 credit Rent Expense. 50.000 A Moving to another question will save this response. Question 6 Revenue should be recognized when the product is delivered to the customer the customer places an order the customer charges an order cash is received from the customer A Moving to another question will save this response. Question Completion Status: A Moving to another question will save this response. Question 7 Unearned Fees appear on the balance sheet as a current liability balance sheet in the current assets section income statement as revenue balance sheet in the stockholders' equity section A Moving to another question will save this response. A Moving to another question will save this response. Question 8 Financial reports are used by all are correct creditors management investors Moving to another question will save this response. Moving to another question will save this response. Question 9 How does receiving an invoice (a bill) to be paid by the company next month for services the company received today affect the accounting equation? assets increase: liabilities increase assets decrease: stockholders' equity decreases liabilities increase stockholders' equity decreases liabilities increase: stockholders' equity increases A Moving to another question will save this response. hp A Moving to another question will save this response. Question 10 Which of the following is not a role of accounting in business? to assess the various informational needs of users and design its accounting system to meet those needs o to personally guarantee loans of the business to provide reports to users about the economic activities and conditions of a business to provide information to external users to determine the economic performance and condition of the business