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1) On July 1, Delta Company prepaid rent for an equipment storage building. Delta paid $20,000 to rent the building from July 1 through the

1) On July 1, Delta Company prepaid rent for an equipment storage building. Delta paid $20,000 to rent the building from July 1 through the end of the year. Prepare the journal entry needed on July 1 when the payment is made. (Ignore explanation). |

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