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On January 1 of the current year, Jepetto Company paid $600 in rent to cover six months (January-June). Jepetto recorded this transaction as follows:
On January 1 of the current year, Jepetto Company paid $600 in rent to cover six months (January-June). Jepetto recorded this transaction as follows: (Click the icon to view the journal entry.) Jepetto adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 600 Cash 600
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