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On September 1 of the current year, Prepaid Rent was debited for $3,000. This amount represents payment for one year of rent, paid in advance.
On September 1 of the current year, Prepaid Rent was debited for $3,000. This amount represents payment for one year of rent, paid in advance. The adjusting entry on December 31 will involve a: a) debit to Rent Expense for $2,000 b) debit to Rent Expense for $1,000 c) debit to Rent Payable for $2,000 d) debit to Rent Payable for $1,000
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