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Question 1: At December 31, UvR4t 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 UvR4t Company affect the elements of the balance sheet?
A. assets = increase; liabilities = decrease; equity = increase
B. assets = decrease; liabilities = decrease; equity = no effect
C. assets = decrease; liabilities = no effect; equity = no effect
D. assets = no effect; liabilities = decrease; equity = increase
E. assets = no effect; liabilities = increase; equity = decrease
F. assets = decrease; liabilities = no effect; equity = decrease
G. assets = no effect; liabilities = no effect; equity = no effect
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