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Ponds Corporation makes adjusting entries monthly and is busy with closing off its ...

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Accounting

Ponds Corporation makes adjusting entries monthly and is busy with closing off its
March records. During March the company paid R60,000 for rent and as a result at
31 March, the general ledger shows rent as a debit balance of R60,000. Rent is
charged at a rate of R12,000 per month. What adjusting entry is necessary at 31
March?

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