If Penfield Company pays rent prior to the period that the rent covers, the amount is initially
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If Penfield Company pays rent prior to the period that the rent covers, the amount is initially reported as a credit to cash and a debit to Rent, which is a(n) [asset / liability] account. If Penfield Company pays rent after the period covered, the amount is initially recorded as a debit to Rent Expense and a credit to Rent, which is a(n) [asset / liability] account.
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