Which of the following transactions and events results in a decrease in both total assets...
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Accounting
Which of the following transactions and events results in a decrease in both total assets and net income?
Multiple Choice
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Adjustment of the prepaid rent account for rent used during the period.
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Recognizing previously recorded deferred revenue as revenue.
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The accrual of wages expense at year-end.
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Collecting cash from an account receivable.
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