Lease required an up-front payment

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Reference no: EM131221104

Journal entries for the following: On Janurary 1st the owners signed a renewable 24-month lease for a new store. The lease required an up-front payment for the first six months (covering Janurary through June) at the rate of $3,000 per month, plus an additional $10,000 damage deposit that was non-refundable if the lease was cancelled.

Reference no: EM131221104

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