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In May 1 , 2 0 1 5 , Howell Corp received $ 7 8 , 0 0 0 in advance from a customer for

In May

1, 2015,

Howell Corp received $

78, 000

in advance from a customer for

12

months' rent beginning on the same day

(

May

1) .

repare the adjusting entry. required on December

31, 2015 .

Account

Debit

Credit

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