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How does the adjusting entry recorded at december

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Reference no: EM132873340

Question 1: On December 31, Wiil Company made an adjusting entry to account for prepaid rent that was used up during the year. How does the adjusting entry recorded at December 31 by Wiil Company affect the elements of the balance sheet?

Option 1: assets:
Option 2: liabilities:
Option 3: equity:
Option 4: increase, decrease, or no effect

Reference no: EM132873340

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