Question: Make the adjusting journal entry necessary at the end of the period in the following situation: On August 1, the company paid $3,600 in advance

Make the adjusting journal entry necessary at the end of the period in the following situation: On August 1, the company paid $3,600 in advance for 12 months of rent, with the rental period beginning on August 1. This $3,600 was recorded as Prepaid Rent. As of the end of the year, no entry has yet been made to adjust the amount initially recorded.

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