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Lewis and Associates, a law firm, paid $12,000 for 12 months' rent in advance on October 1 of the current year. The company's fiscal year-end
Lewis and Associates, a law firm, paid $12,000 for 12 months' rent in advance on October 1 of the current year. The company's fiscal year-end is December 31 . Prepare the t-accounts for Rent Expense and Prepaid Rent for Lewis and Associates as of December 31 after adjusting journal entries. (Click the icon to view the journal entries.) Use the dates as posting references to post each transaction to the relevant accounts, then compute the adjusted balance of each account. Label the adjusted balances with Adj. Bal. Reference
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