Show the payment for the one-year lease

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Question - A Effect of an error on financial statements

On April 1, 2016, Maine Corporation paid $9,600 cash in advance for a one-year lease on an office building. Assume that Maine records the prepaid rent as an asset and that the books are closed on December 31.

Required - Show the payment for the one-year lease and the related adjusting entry to recognize rent expense in the accounting equation.

Reference no: EM132217943

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