Provide the journal entry needed on July 1 when the payment is made. Assume the prepaid expense is initially recorded as an asset.

Provide the journal entry needed on July 1 when the payment is made. Assume the prepaid expense is initially recorded as an asset.

On
July 1, Alpha Company prepaid rent for a small equipment storage area. They
paid $20,000 to rent the area for the period of July 1 through the end of the
year. Provide the journal entry needed on July 1 when the payment is made.
Assume the prepaid expense is initially recorded as an asset.


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