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Thomas International paid $30,000 rent in advance for a three-year period on January 1, 2012.

Thomas International paid $30,000 rent in advance for a three-year period on January 1, 2012. If the company initially recorded the $30,000 as a debit to Prepaid Rent, then the adjusting entry at year-end December 31, 2012, would be:

A.Prepaid Rent10,000

   Rent Expense 10,000

 

B.Rent Expense10,000

   Prepaid Rent 10,000

 

C.Rent Expense20,000

   Prepaid Rent 20,000

 

D.Prepaid Rent20,000

   Rent Expense 20,000

 

Top Answer

B.Rent Expense 10,000... View the full answer

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