4. Lucas Ltd. recorded the following transaction: 12/31/15 Rent Expense $15,000 Prepaid Rent $15,000 Which of the following best describes the above transaction? Expenses were recognized for a cash payment made earlier in the year. Expenses were recognized and prepaid rent was increased. Rent was prepaid for a future month. A cash payment was made for rent that was owed. Expenses were recognized for a cash payment to be made in the future. WPOW