On January 1, Mountbatten Corporation paid $18,000 for a year's advance rent on a building...
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Accounting
On January 1, Mountbatten Corporation paid $18,000 for a year's advance rent on a building and recorded it as a rent expense. When financial statements are prepared on March 31, the adjjusting entry should include....
Answers:
1) a credit to cash for $13,500
2) a crdit to rent expense for $13,500
3) a credit to prepaid rent for $4,500
4) a debit to rent expense for $4,500
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