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Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,000 per month. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9985333

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