Adjusting Entries
Adjusting Entries. Acct 202 Chapter 3 - Day 1. Deferred Expenses. Paid two years’ rent in advance, $24,000 Prepaid Rent $24,000 Rent Expense for 1 month -1,000 Prepaid Rent (after adjustment) $23,000 1/31/2005 Rent Expense $1,000
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