Blockade Consulting Services Paid 3 Months' Rent in Advance on July

question 37

Multiple Choice

Blockade Consulting Services paid 3 months' rent in advance on July 1,at a total cost of $2,400.The rent covers the period from July 1 to September 30.At the time of the payment,prepaid rent was increased by $2,400.What adjusting entry is necessary on July 31?

• A)\(\begin{array}{llc}
• \text { Prepaid rent } & 800 & \\
• \quad \text { Rent expense } & & 800 \\
• \end{array}\)
• B)\(\begin{array}{lccc}
• \text { Rent expense } & 800 \\
• \quad \text { Prepaid rent } & & 800 \\
• \end{array}\)
• C) \(\begin{array}{lccc}
• \text { Prepaid rent } &1,600 & \\
• \quad \text { Rent expense } && 1,600 \\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Rent expense } & 1,600 \\
• \quad \text { Prepaid rent } & & 1,600
• \end{array}\)
• E)No adjusting entry is necessary.

Acknowledge the significance of ethics in research settings, particularly in naturalistic observations.

Grasp the concept of confirmation bias and its impact on research outcomes.

Recognize the significance of employing control groups and controls in research to establish scientific evidence.

Understand the importance of random selection in creating a representative sample for survey research.

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Definitions:

Sales

The total amount of goods or services sold over a specific period of time, generating revenue for a business.

Accounts Payable

Liabilities owed by a company to creditors for goods and services received but not yet paid for.