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On August 1, 2016, Blue Design paid $66,000 for store rent covering the 12-month period ending July 31, 2017. Requirements Journalize the entry on August

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On August 1, 2016, Blue Design paid $66,000 for store rent covering the 12-month period ending July 31, 2017. Requirements Journalize the entry on August 1. Record the December 31, 2016 adjusting entry. Also, write a short memo on what you are recording. Requirement 1 Requirement 2

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