The Balance in the Prepaid Rent Account Before Adjustment at the End

question 49

Multiple Choice

The balance in the Prepaid Rent account before adjustment at the end of the year is $15,000, which represents three months' rent paid on December1. The adjusting entry required on December 31 is to

• A) debit Rent Expense, $5,000; credit Prepaid Rent, $5,000.
• B) debit Rent Expense, $10,000; credit Prepaid Rent $10,000.
• C) debit Prepaid Rent, $5,000; credit Rent Expense, $5,000.
• D) debit Prepaid Rent, $10,000; credit Rent Expense, $10,000.

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