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In: AccountingMedina rents a portion of its parking lot to the neighboringbusiness under a long-term lease...Medina rents a portion of its parking lot to the neighboringbusiness under a long-term lease agreement that requires payment ofrent 6 months in advance on April 1 and October 1 of each year. TheOctober 1, 2019, payment was made and recorded as prepaidrent. Indicate whether or not this item requires anadjusting entry at December 31, 2019, and if does, indicate whichaccounts are increased by the adjustment and which aredecreased.
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