On July 1,Alpha Inc.prepaid rent for a small equipment storage area.They paid $20,000 to rent the area for the period of July 1 through the end of the year.Provide the journal entry needed on July 1 when the payment is made.(Ignore explanation)Assume the prepaid expense is initially recorded as an asset.

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The Answer of On July 1,Alpha Inc.prepaid rent for a small equipment storage area.They paid $20,000 to rent the area for the period of July 1 through the end of the year.Provide the journal entry needed on July 1 when the payment is made.(Ignore explanation)Assume the prepaid expense is initially recorded as an asset.