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James has a desire to prepay his rent ahead of the period in question. On February 1st of 2021 he writes a check for $3,000

James has a desire to prepay his rent ahead of the period in question. On February 1st of 2021 he writes a check for $3,000 to cover the cost of rent for the months of March through May 2021. What journal entry should he write on February 1st, 2021 and how will it impact the profit and loss statement?

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