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The general journal for Wells Tech includes the entry below. Based on the information in this entry, which of the following can you determine about the corresponding general ledger entries?

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Options:

A) The rent expense of $500 was debited to account 650 and the cash paid was credited to account 600.

B) The rent expense of $600 was debited to account 650 and the cash paid was credited to account 500.

C) The rent expense of $650 was debited to account 500 and the cash paid was credited to account 600.

D) The rent expense of $650 was credited to account 500 and the cash paid was debited to account 600.

Answer:

C) The rent expense of $650 was debited to account 500 and the cash paid was credited to account 600.

Explanation:

We can divide the journal entry into four parts:

  1. Date
  2. Account title: includes the accounts that are part of the transaction (rent expense and cash). It might include a short explanation of the recorded transaction.
  3. Account reference: the internal code assigned to rent expense (500) and cash (600)
  4. The debit / credit: includes the amounts that are included in the transaction.

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