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Determine what the current account balance equals

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Prepaid (deferred) expenses adjustments

For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31.

Question 1: Determine what the current account balance equals.

Question 2: Determine what the current account balance should equal.

Question 3: Record the December 31 adjusting entry to get from 1 to 2. Assume no other adjusting entries are made during the year.

Reference no: EM132494678

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