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Prepaid Expense On June 1, Company A signed a rental agreement for a new building and paid $24,000 in advance for the year of rent

Prepaid Expense On June 1, Company A signed a rental agreement for a new building and paid $24,000 in advance for the year of rent beginning the same day.

a. Determine the amount of the adjustment that should be made on December 31, the year-end for the rent on this building.

b. Record the journal entry to show the adjustment

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