When a Tenant Makes an End-Of-Period Adjusting Entry Credit to the "Prepaid

question 93

Multiple Choice

When a tenant makes an end-of-period adjusting entry credit to the "Prepaid rent" account:

• A)(S)he usually debits cash.
• B)(S)he usually debits an expense account.
• C)(S)he debits a liability account.
• D)(S)he does none of these.

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Definitions:

NAV

NAV, or Net Asset Value, is the per-share value of a mutual fund or an exchange-traded fund (ETF), calculated by dividing the total value of all the securities in the portfolio, minus any liabilities, by the number of shares outstanding.

Mutual Fund

A financial instrument that pools money from various investors to invest in different types of securities, including stocks, bonds, money market instruments, and additional assets.

New York Time

The time zone observed in New York, typically Eastern Standard Time (EST) or Eastern Daylight Time (EDT), depending on the time of year.

SEC

The Securities and Exchange Commission, a U.S. regulatory agency responsible for enforcing federal securities laws and regulating the securities industry.