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  3. 1,280 prepaid insurance 1,280 c. prepaid rent. on

1,280 Prepaid insurance 1,280 c. Prepaid Rent. On September 1 of the current year, the...

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Accounting

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1,280 Prepaid insurance 1,280 c. Prepaid Rent. On September 1 of the current year, the company prepaid $31,200 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $31.200. Prepaid Rent Step 1. Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2

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