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? - SchoolNGR

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

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?

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

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

Correct Answer: Option C

Explanation:

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