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Suppose Macomb, a specialty clothing store, rents space at a local mall for one year, paying $20,400 ($1,700/month) in advance on October 1. Required: 1.&2.
Suppose Macomb, a specialty clothing store, rents space at a local mall for one year, paying $20,400 ($1,700/month) in advance on October 1.
Required:
1.&2. Record the necessary entries in the Journal Entry Worksheet below.
3. Calculate the year-end adjusted balances of Prepaid Rent and Rent Expense (assuming the balance of Prepaid Rent at the beginning of the year is $0).
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