Evaluate what is the adjusting entry

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Problem 1: Your business is renting a space. The monthly rental is ?120,000. On December 31, 20x1, the rent for the months of November and December 20x1 are not yet paid. What is the adjusting entry?

Problem 2: A business receives its electricity bill for the period amounting to ?6,000. What is the entry to record the receipt of the bill prior to its payment?

Reference no: EM132722130

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