Business, 21.06.2021 20:00, drunkelmo04

Jones Company paid $1,200 with cash this year in January for six months rent. Therefore, it will be used up before the end of the year when the financials are prepared. Since it is short lived and will be used up during this accounting period, Jones Company decided to record it as an expense instead of an asset at the time of payment. The journal entry to record this transaction when Jones Company pays the cash for the six months rent would be:

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Jones Company paid $1,200 with cash this year in January for six months rent. Therefore, it will be...