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Q7? Please help! On May 1 of Year 1, the company paid $2,400 cash for rent. This $2,400 rental payment covers the period from May

Q7? Please help!

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On May 1 of Year 1, the company paid $2,400 cash for rent. This $2,400 rental payment covers the period from May 1 of Year 1 to April 30 of Year 2. On May 1, the payment of the cash was recorded as an asset, Prepaid Rent. Which ONE of the following would be included in the ADJUSTING journal entry necessary on December 31 with respect to this prepaid rent? O CREDIT to Rent Expense for $1,600 O DEBIT to Rent Expense for $2,400 O DEBIT to Rent Expense for $800 O DEBIT to Rent Expense for $1,600 O CREDIT to Rent Expense for $800 O CREDIT to Rent Expense for $2,400

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