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anie: ID: B 46. Prepaid expenses are eventually expected...

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anie: ID: B 46. Prepaid expenses are eventually expected to a. become expenses in the period when they are paid b. become expenses when their future economic value expires c. become revenues when the liability is no longer owed. d. become revenues when services are performed. 47. The balance in the rent account before adjustment at the end of the year is $24,000, which represer four months' rent paid on December 1. The adjusting entry required on December 31 is a. debit Prepaid Rent, $18,000; credit Rent Expense, $6,000 b. debit Prepaid Rent, $6,000; credit Rent Expense, $6,000 c. debit Rent Expense, $18,000; credit Prepaid Rent, $6,000 d. debit Rent Expense, $6,000; credit Prepaid Rent, $6,000 48. Which group of accounts is comprised of only assets? a. Accounts Receivable, Revenue, Cash b. Unearned Revenues, Prepaid Expenses, Cash c. Prepaid Expenses, Buildings, Patents d. Cash, Accounts Payable, Buildings

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