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The account title used for recording the payment of rent in advance for an office building is A ) Prepaid Rent B ) Rent Revenue
The account title used for recording the payment of rent in advance for an office building is
A Prepaid Rent
B Rent Revenue
C Rent Payable
D Rent Expense
Regarding Taccounts, which of the following statements is correct?
A A Taccount is a summary device with credits posted on the right side of the vertical line.
B The right side of a Taccount is a debit for asset accounts and a credit for equity accounts.
C Debits are posted on the right side of the vertical line.
D A Taccount is a more detailed form of an account in the journal.
Posting a transaction means
A preparing a summary of account balances
B calculating the balance in an account
C transferring data from the journal to the ledger
D finding the account number in the chart of accounts
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