You know that the gross amount of rent paid was USD 4,500, which was to cover a one-year period. 1 answer below »
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At 2010 December 31, an adjusting entry was made as follows:
Rent Expense
1,500
Prepaid Rent
1,500
You know that the gross amount of rent paid was USD 4,500, which was to cover a one-year period.
Determine:
a. The opening date of the year to which the USD 4,500 of rent applies.
b. The entry that was made on the date the rent was paid.
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