Posted: September 23rd, 2016

Hunt Corporation recorded a business event using T-accounts as follows: Rent Expense Prepaid Rent 1,000 1,000

Hunt Corporation recorded a business event using T-accounts as follows:

Rent Expense Prepaid Rent
1,000 1,000

Which of the following reflects how this event affects the company’s financial statements?

Assets = Liab. + Equity Rev. – Exp. = Net Inc Cash Flows
+ = + + NA NA – NA = NA +FA
– = NA + – NA – + = – NA
+ = NA + + + – NA = + +OA
– = – + NA NA – + = – -OA

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