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Question 12 1 pts On August 1, 2011, Xcel Auto Repair paid $6,000 in advance for six months' rent. Xcel makes proper adjusting entries at

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Question 12 1 pts On August 1, 2011, Xcel Auto Repair paid $6,000 in advance for six months' rent. Xcel makes proper adjusting entries at the end of every month. What is the balance of Prepaid rent on December 31, 2011? $4,000 $2,000 $1,000 $6,000

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