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Marlin Enterprises signed a lease for office space during their first month of business. At that time they paid a total of $12.000 for first
Marlin Enterprises signed a lease for office space during their first month of business. At that time they paid a total of $12.000 for first and last months' rent. At the end of the first month, the effect on the financial statements would be $12,000 Rent Expense. $6,000 Rent Expense and $6,000 Prepaid Rent on the Statement of Financial Position. $12,000 Prepaid Rent on the Statement of Financial Position. Nothing recorded because the company has not made any sales yet
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