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One Stop Shop’s Prepaid rent balance is $2,750 on March 1. This prepaid rent represents five months’ rent. Joumalize and post the adjusting entry on March 31 to record one month’s rent. Compute the balances ofthe two accountsinvolved on March 31 Journalize the adjusting entry for one month’s rent. (Record debits first. then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Mar Post the adjusting entry to the T—accounts below, and then calculate the ending balances [using a “Bal” pasting reference} ofthe accounts at March 31. The beginning balance of Prepaid rent has been entered for you. Prepaid rent Rent expense Mar 1 2.750 v
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