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The balance in the prepaid rent account before adjustment at the end of the year is 15000 which represents three months' rent paid on December 1 The adjusting entry required on December 31 is?
Wiki User
∙ 12y ago
$15,000 x 1/3 = $5,000
On Dec. 31st, debit "Rent expense" to $5,000, and credit "Prepaid Rent" to $5,000.
Wiki User
∙ 12y ago
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