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Business, 21.02.2020 19:39 qveenriles3714

Assume that on November 1, 2019, a 3-month rent payment for $8,000 per month (for a total of $24,000) was made with respect to a lease that the company entered into on that date as a tenant. The company took occupancy of the rented space immediately. The lease term will expire on January 31, 2020. The $72,000 payment was recorded as a debit to Prepaid Rent on November 1, 2019.
Required:
a) The adjusting entry on December 31, 2019, is as follows .

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Assume that on November 1, 2019, a 3-month rent payment for $8,000 per month (for a total of $24,000...

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