Question: 5. Leased additional warehouse space from Leasing Solutions for two years on June 1st due expiration of the previous rental contract. $92,000 cash was paid

5. Leased additional warehouse space from Leasing Solutions for two years on June 1st due expiration of the previous rental contract. $92,000 cash was paid for the new contract on this date which covers the rental fee for two years. There is no value left in the previous contract. [Adjusting Entry Required]

What is the adjusting journal entry for this? And what is the T - account?

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