X Co paid cash of $12,000 oni/6/ 2020 for one year's rent in advance and...
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Accounting
X Co paid cash of $12,000 oni/6/ 2020 for one year's rent in advance and recorded the transaction with a debit to prepaid Rent expenses.The 31/12/ 2020 adjusting entry is? Select one: a. debit Prepaid Rent and credit Rent Expense, $7,000 b. debit Rent Expense and credit Prepaid Rent, $7,000. c. debit Prepaid Rent and credit Rent Expense, $5,000 d. debit Prepaid Rent and credit Cash, $5,000
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