question archive 1) On July 1 the Ayayai Corp
1) On July 1 the Ayayai Corp
Subject:BusinessPrice: Bought3
1) On July 1 the Ayayai Corp. paid $22560 to Acme Realty for 6 months
rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by the Ayayai Corp. is:
a)debit Rent Expense, $22560; credit Prepaid Rent, $3760.
b) debit Rent Expense, $3760; credit Prepaid Rent, $3760
c)debit Rent Expense, $22560; credit Prepaid Rent, $18800.
d) debit Prepaid Rent, $3760; credit Rent Expense, $3760.
2) Law of Contract is not the whole law of agreements nor the whole law of obligations". Elucidate this statement.
