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If a company reporting on a calendar year basis paid $18,000 cash on January 1 for one year of rent in advance (lease beginning January

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If a company reporting on a calendar year basis paid $18,000 cash on January 1 for one year of rent in advance (lease beginning January 1), and adjusting entries are made at the end of each month, the balance remaining in Prepaid Rent on December 1 should be $1,500. A True B False

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