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On November 1, 2017, Thomasson paid rent on its buildings for 2 years in the amount of $12,000. When the transaction was initially recorded, the
On November 1, 2017, Thomasson paid rent on its buildings for 2 years in the amount of $12,000. When the transaction was initially recorded, the full $12,000 was recorded as an expense using an alternative approach to record the prepayment. The adjusting entry on December 31, 2017 requires:____
Anser is = Credit to rent expense $11,000. but im not sure how the answer was found. Can you please explain thanks
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