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OBJECTIVE 2 Mannion Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a 4-year

OBJECTIVE 2

Mannion Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a 4-year lease with 420,000 a yearly rent of and agrees to pay the first 6 months in advance.

Required:

Make the journal entry to record the following transactions.

The customers prepayment of 6months rent

The necessary adjusting entry after 1month has passed

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