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Prepare adjusting entry and find balance in prepaid rent

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Reference no: EM1317153

On September 1, Banger Bros Company paid $9,000 for one year of rent, in advance. Assume no entries were made until the end of the year. 
1. Prepare the adjusting entry for December 31st to reflect the amount of rent expense consumed. 
2. What is balance in prepaid rent on December 31st after the adjusting entry has been made?

Reference no: EM1317153

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