Adjusting Entries: Prepaid rent at 1/1/1X was $50,000. During 201X rent payments of $110,000 were...
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Accounting
Adjusting Entries: Prepaid rent at 1/1/1X was $50,000. During 201X rent payments of $110,000 were made and charged to "rent expense." The 201X income statement shows as a general expense the item "rent expense" in the amount of $140,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit
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