Q3-49. On January 1 of the current year, Dumbo Company paid $1,200 rent to cover six months
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Q3-49. On January 1 of the current year, Dumbo Company paid $1,200 rent to cover six months
(January–June). Dumbo recorded this transaction as follows:
Dumbo adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include:
a. a debit to Prepaid Rent for $1,000.
c. a credit to Prepaid Rent for $1,000.
b. a debit to Prepaid Rent for $200.
d. a credit to Prepaid Rent for $200.
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Related Book For 
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
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