An entity paid six months rent in the amount of $9,000 on January 1. Statements are prepared
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An entity paid six months’ rent in the amount of $9,000 on January 1.
Statements are prepared monthly and an adjustment must be made on January 31 to update the Rent account.
a. Prepare the entry to record the payment on January 1.
b. Prepare the January 31 adjusting entry.
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