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Sanborn Company rents space to a tenant for $3,700 per month. The tenant currently owes rent for November and December. The tenant has agreed to pay the November, December, and January rents in full on January 15 and has agreed not to fall behind again. Assuming adjustments are only made at year-end, the adjusting entry needed on December 31 is:
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Sanborn Company rents space to a tenant for $3,700 per month. The tenant currently owes rent for Nov...
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