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On December 1, your company opens for business and leases space in a building for $1,000 per month and pays 3 months' rent in advance. On December 31, the balance in Rent Expense is $3,000. On the basis of this information you may conclude that the advance payment for rent : Was recorded in Rent Expense, which mush now be credited for $2,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9866261

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