1. Bramble Corp. paid cash of $136500 on June 1, 2020 for one years rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2020 adjusting entry is

debit Prepaid Rent and credit Rent Expense, $56875.

debit Prepaid Rent and credit Rent Expense, $79625.

debit Rent Expense and credit Prepaid Rent, $79625.

debit Prepaid Rent and credit Cash, $56875.

2. Bramble Corp. purchased equipment on November 1, 2020 and gave a 3-month, 11% note with a face value of $ 78000. The December 31, 2020 adjusting entry is

debit Interest Expense and credit Interest Payable, $ 8580.

debit Interest Expense and credit Interest Payable, $ 2145.

debit Interest Expense and credit Cash, $ 1430.

debit Interest Expense and credit Interest Payable, $ 1430.