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On November 1, Smith Company received $23,400 for six months of rent in advance. On November 1, Smith Company credited Rent Revenue, which is an

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On November 1, Smith Company received $23,400 for six months of rent in advance. On November 1, Smith Company credited Rent Revenue, which is an alternate way of recording the initial receipt of cash. Required: Journalize the adjusting entry on December 31. Date Account Title Debit Credit Dec. 31

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