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13 January, 17:26

The balance in the prepaid rent account before adjustment at the end of the year is $21,000, which represents three months' rent paid on december 1. the adjusting entry required on december 31 is to

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  1. 13 January, 20:05
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    Rent for December is

    21000/3months = 7000

    The adjusting entry is

    Debt to rent expenses 7000

    Credit to prepaid rent 7000
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