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What is the correct journal entry for the transaction below? On the first day of starting business operations, paid cash $5,000 for two years' rent
What is the correct journal entry for the transaction below?
On the first day of starting business operations, paid cash $5,000 for two years' rent
a.Debit prepaid rent $5,000; and credit cash $5,000
b.Debit rent expense $5,000; and credit cash $5,000
c.Debit owner's capital $5,000; and credit rent expense $5,000
d.Debit rent expense $5,000; and credit accounts payable $5,000
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