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A company pays $36.000 for 12 months rent on January 1, recording the prepayment as an asset. The adjusting entry on March 31 is a

A company pays $36.000 for 12 months rent on January 1, recording the prepayment as an asset. The adjusting entry on March 31 is a debit to Rent Expense of $9,000, and a credit to Prepaid Rent of $9.000. Select one True False

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