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QUESTION
On September 1, 2007, the Blue Streak Airline paid eight months rent to its landlord in advance.
On September 1, 2007, the Blue Streak Airline paid eight months rent to its landlord in advance. Blue Streak's bookkeeper recorded the transaction by decreasing the cash account and increasing the rent expense account. On December 31 (end of Blue Streak's fiscal year), an adjusting entry will need to be made by the airline that will increase
