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TentRenters Company sets up a large event tent for the local food festival. The tent will be rented to the Business Improvement Association for two

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TentRenters Company sets up a large event tent for the local food festival. The tent will be rented to the Business Improvement Association for two wseks for a total cost of $2,400. The event takes place over the Canada Day weekend. So, one week of the rental takes place in June, and the other week is in July. TentRenters will bill the Business Improvement Association on July 6 for the two-week rental. Record the June 30 adjusting entry toupdate TentRenters's financial records for the one week it has eamed rental revenue. Complete the joumal entry below. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Ask my instructor

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