The balance in the prepaid rent account before adjustment at the end of the year is $11,400, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is a.debit Rent Expense, $10,450, credit Prepaid Rent, $950 b.debit Prepaid Rent, $950, credit Rent Expense, $950 c.debit Rent Expense, $950, credit Prepaid Rent, $950 d.debit Prepaid Rent, $10,450, credit Rent Expense, $950

Question
  1. The balance in the prepaid rent account before adjustment at the end of the year is $11,400, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is

    a.debit Rent Expense, $10,450, credit Prepaid Rent, $950
    b.debit Prepaid Rent, $950, credit Rent Expense, $950
    c.debit Rent Expense, $950, credit Prepaid Rent, $950
    d.debit Prepaid Rent, $10,450, credit Rent Expense, $950

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