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Question(s) / Instruction(s):

On Jan 1, 2015 a company pays $30,000 for three months rent in advance.  What entry will be recorded on Jan 1?

a)            Increase Cash $30,000, decrease prepaid rent $30,000

b)            Increase prepaid rent $30,000, decrease cash $30,000

c)            Increase rent expense $30,000, decrease cash $30,000

d)            Decrease cash $30,000, increase Owner\'s equity $30,000

e)            None of the above

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