Question on: JAMB Accounting - 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 Option: C
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