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Angela is a tenant of Bruce. On July 1, Angela paid Bruce $3,600 for 3 months of rent. On July 31, Bruce's adjusting entries will
Angela is a tenant of Bruce. On July 1, Angela paid Bruce $3,600 for 3 months of rent. On July 31, Bruce's adjusting entries will include a debit to Multiple Choice Deferred Revenue for $1,200 and a credit to Rent Revenue for $1,200. Cash for $3,600 and a credit to Deferred Revenue for $3,600. Deferred Revenue for $3,600 and a credit to Rent Revenue for $3,600. Rent Expense for $1,200 and a credit to Prepaid Rent for $1,200
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