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Suppose Macomb, a specialty clothing store, rents space at a local mall for one year, paying $16,200 ( $1,350 per month) in advance or October
Suppose Macomb, a specialty clothing store, rents space at a local mall for one year, paying $16,200 ( $1,350 per month) in advance or October 1. The balance of Prepaid Rent at the beginning of the year is $0. Determine the accounts to be adjusted on December 31, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be indicated with a minus sign
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