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On January 1 of the current year, Bambi Company paid $2,100 rent to cover six months (January through June). Bambi recorded this transaction as follows:
On January 1 of the current year, Bambi Company paid $2,100 rent to cover six months (January through June). Bambi recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 2,100 Cash 2,100 Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include A. a debit to Prepaid Rent for $350. B. a debit to Prepaid Rent for $1,750. C. a credit to Prepaid Rent for $1,750. D. a credit to Prepaid Rent for $350
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