5. On January 1, a firm paid $30,000 for six months’ rent, January through June. What is the adjustment for rent expense at the end of January?

a. Rent Expense is debited for

$30,000 and Prepaid Rent is credited for $30,000.

b. Prepaid Rent is debited for

$5,000 and Rent Expense is credited for $5,000.

c. Rent Expense is debited for

$5,000 and Prepaid Rent is credited for $5,000.

d. No adjustment is made until the end of June.