Accounts and explanations

PJ424 Posts: 1, Reputation: 1

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Mar 5, 2012, 04:25 PM

Accounts and explanations

On July 1 your company prepaid six months of rent $3,300.

1. Prepare the journal entry for July 1 payment.
2. Prepare the adjusting entry at July 31
3. Post to the two accounts involved and show their balanvces at July 31.

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