200 Time Left:0:17:34 Yang Li: Attempt 1 3 Question 15 (2 points) 6 The balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three months rent starting on December 1. The adjusting entry required on December 31, assuming adjusting entries have not previously been made, is 9 1) debit Rent Expense, $8,000; credit Prepaid Rent, $8,000. 12 2) debit Prepaid Rent, $8,000; credit Rent Expense, $8,000. 15 3) debit Rent Expense, $4,000; credit Prepaid Rent $4,000. 4) debit Rent Expense, $12,000; credit Prepaid Rent, $12.000. 18 9 21 Question 16 (2 points) Saved On November 1, 2018, Marcus Company paid $2,400 for a one-year insurance policy. On December 31, 2018, the adjusting entry would include