Lynnwood Services prepaid 24 months of rent in advance on October 1, 2019. Lynnwood Services debited rent expense for the entire amount of $12,000. The adjusting entry on December 31, 2019, would include a:
A) debit to prepaid rent for $1,500.
B) debit to prepaid rent for $10,500.
C) credit to rent expense for $1,500.
D) debit to rent expense for $10,500.
Correct Answer:
Verified
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