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  1. business
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  3. the balance of prepaid rent, $7,200, represents pa

The balance of Prepaid Rent, $7,200, represents payment on October 31,2024, for rent from November...

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Accounting

The balance of Prepaid Rent, $7,200, represents payment on October 31,2024, for rent from November 1,2024, to April 30,2025.
The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided.
An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4,2025.
The balance of Supplies, $4,000, represents the amount of office supplies on hand at the beginning of the year of $1,700 plus an additional $2,300 purchased throughout 2024. By the end of 2024, only $800 of supplies remains.

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