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(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for...

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(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual
accounting principles are applied. The rent is prepaid for three months at $1,200 per
month. Develop the adjusting entry at the end of the first month that rent should be
applied. (1) Name the accounts impacted and how to use the format account
namefdebit or creditfdollar amount (10 points), and (2} explain how the Accounting
Equation is impacted. (10 points)

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