This companys accounting policies require it to debit expense accounts when expenses are paid in...
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Accounting
This companys accounting policies require it to debit expense accounts when expenses are paid in advance, and to credit revenue accounts when customers pay for services in advance. Record entries for the companys following transactions.
| November 1 | The company collected $15,000 cash for six-months rent in advance from a tenant covering rent from November 1 through April 30. |
|---|---|
| December 31 | The company prepared any necessary year-end adjusting entries. |
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You can see the logs in the Dashboard.