On August 1 2016 Blue Design paid 66 000 for store
On August 1, 2016, Blue Design paid $66,000 for store rent covering the 12-month period ending July 31, 2017.
Requirements
1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses.
2. Record the December 31, 2016 adjusting entry.
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