On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?
- debit rent account and credited adjustment account
- debit prepayment account and credit rent account
-
debit rent account and credit prepayment account
- debit adjustment account and credit prepayment account