On July 1,Omega,Inc.paid rent of $15,000 for a small equipment storage area from July 1 until December 31.Provide the adjusting journal entry on July 31.(Ignore explanation).Assume the deferred expense is initially recorded as an asset.

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The Answer of On July 1,Omega,Inc.paid rent of $15,000 for a small equipment storage area from July 1 until December 31.Provide the adjusting journal entry on July 31.(Ignore explanation).Assume the deferred expense is initially recorded as an asset.