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28 January, 06:39

Panda Corporation paid cash of $60,000 on June 1, 2014 for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2014 adjusting entry is what?

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  1. 28 January, 07:00
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    Debit rent expense and credit prepaid rent, 35000 is the correct answer.
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