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Tiff's Treats paid $30,000 cash to its landlord on November 1, 2021 for rent covering...

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Accounting

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Tiff's Treats paid $30,000 cash to its landlord on November 1, 2021 for rent covering the six-month period from November 1, 2021 through April 30, 2022. The books are adjusted only at year-end. Which of the following does not correctly describe the effect on Tiff's Treats' financial statements of the December 31, 2021 adjusting entry? None of the answer options is correct Net income decreases $10,000 Stockholders' equity increases $10,000 Rent expense increases $10,000 O Prepaid rent decreases $10,000

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