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On January 1, Mountbatten Corporation paid $18,000 for a year's advance rent on a building...

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Accounting

On January 1, Mountbatten Corporation paid $18,000 for a year's advance rent on a building and recorded it as a rent expense. When financial statements are prepared on March 31, the adjjusting entry should include....

Answers:

1) a credit to cash for $13,500

2) a crdit to rent expense for $13,500

3) a credit to prepaid rent for $4,500

4) a debit to rent expense for $4,500

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