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

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?

A. debit rent account and credited adjustment account
B. debit prepayment account and credit rent account
C. debit rent account and credit prepayment account
D. debit adjustment account and credit prepayment account

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Correct Answer: Option C

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

Correct Answer: Option C

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