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Assume that on November 1, 2019, a 3-month rent payment for $8,000 per month (for a total of $24,000) was made with respect to a lease that the company entered into on that date as a tenant.The company took occupancy of the rented space immediately.The lease term will expire on January 31, 2020.The $72,000 payment was recorded as a debit to Prepaid Rent on November 1, 2019.The adjusting entry on December 31, 2019, is as follows:
Deficits
The amount by which a government's expenditures exceed its revenue.
Surpluses
Situations in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.
Rubles
The official currency of Russia, symbolized as RUB, used for all financial transactions within the country.
Depreciation
A fall in the price of a nation’s currency relative to foreign currencies.
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