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dwayned dwayned
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6 years ago
On July 1, Omega Company paid rent of $15,000 for a small equipment storage area from July 1 until December 31. Provide the adjusting journal entry on July 31. (Ignore explanation.) Assume the deferred expense is initially recorded as an asset.
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
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#1
6 years ago
 
Rent Expense2,500
       Prepaid Rent2,500

Explanation:
Rent Expense = $15,000  1/6 = $2,500
dwayned Author
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#2
6 years ago
Thanks for your help!
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