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On November 1, Juan Paid $24,000 in Advance for a Year's

Question 146

Multiple Choice

On November 1, Juan paid $24,000 in advance for a year's rent. The November 30 adjusting entry for rent expense should include

A) a debit Rent Expense, $24,000.
B) a credit Prepaid Rent, $24,000
C) a debit Rent Expense, $2,000.
D) a credit Cash, $2,000.

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