Assume you are an accountant working for a small private company. Your manager asked you...
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Accounting
Assume you are an accountant working for a small private company. Your manager asked you to make an adjusting entry as the balance on the company's Prepaid Rent account was $8,000 instead of $7,500. What entry will you make? Select one:
a. no journal entry required
b. debit Rent Expense $500, credit Prepaid Rent $500
c. debit Prepaid Rent $500; credit Rent Expense $500
d. debit Prepaid Rent $7,500; credit Rent Expense $7,500
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