Adjusting entries are required at the end of the period to

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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 $1,000 per month. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.

Reference no: EM13607756

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