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eBook Hint Ask Print References c. Prepaid Rent. On September 1 of the current year, the company prepaid $45,600 for two years of rent for
eBook Hint Ask Print References c. Prepaid Rent. On September 1 of the current year, the company prepaid $45,600 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $45,600. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Rent expense Prepaid rent $ DR or CR? 45,600 Debit Debit Prepaid Rent 45,600 45,600
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