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Paws Animal Hospital has a fiscal year end of December 31. The company paid cash of $120,000 on August 1, 2014 for one year's rent

Paws Animal Hospital has a fiscal year end of December 31. The company paid cash of $120,000 on August 1, 2014 for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent. Show the December 31, 2014 adjusting journal entry.

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