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On December 31, 2020, the accrued rent payable by ABSB company totaled $5,000. On January 5, 2021, total rent of $12,000 was paid. Reverse this
On December 31, 2020, the accrued rent payable by ABSB company totaled $5,000. On January 5, 2021, total rent of $12,000 was paid. Reverse this accrual and journalize the payment on January 5, 2021, with explanation.
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