On September 1,Barnes Enterprises prepaid $18,000 for six months' rent.The rental period begins on September 1.Barnes adjusts the accounts only at December 31,the end of this fiscal year.
Prepare the journal entry for September 1 and the adjusting entry for December 31.Omit explanations.
Definitions:
Inflation
A general increase in prices and fall in the purchasing value of money.
Total Output
The total quantity of goods and services produced in an economy over a specified period.
Labor Force
The total number of people who are employed or actively seeking employment in an economy.
Union Membership
Individuals who belong to a union, an organization formed for the purpose of representing its members' interests in various employment matters.
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