On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited…

Accounts - Principles of Accounts JAMB 1997

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 checkmark
  • debit adjustment account and credit prepayment account

The correct answer is: C

Explanation

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