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Folton Rentals Company faced the following situations. 1 . Journalize the adjusting entry needed at December 3 1 , 2 0 2 0 , for

Folton Rentals Company faced the following situations.

1 .

Journalize the adjusting entry needed at December

31, 2020,

for each situation. Consider each fact separately.

(

Record debits

first, then credits. Exclude explanations from any journal

entries.

)

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