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Advance payment of rent also represents an increase in assets (i.e. prepaid rent) since the benefit will be utilized in the future.MoreBartleby.comQuestion1.Expenses represent a reduction in ___.A.assetsB.revenueC.liabilityD.equity2.You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at:A.Income StatementB.AssetsC.RevenuesD.Balance SheetAnswer · 0 votesStep 1 Assets and liabilities and equity are part of balanc.More Feedback Baylen Levine Hoodie, Payment Of Office Rent Represents A Decrease In. Jul 6, 2023 — Question: An increase or decrease in any asset, liability, owner's equity, revenue, or expense is always accompanied by an offsetting change . Bayside Hoodie, Why is Rent Expense a debit and Service Revenues a credit?. 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