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Late in 2020, Acme Corp. paid $30,000 in advance for rent covering the 2021 fiscal year. This $30,000 payment will affect Acme's 2020 financial statements

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Late in 2020, Acme Corp. paid $30,000 in advance for rent covering the 2021 fiscal year. This $30,000 payment will affect Acme's 2020 financial statements by decreasing cash and o increasing rent expense o increasing prepaid rent o increasing rent payable

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