Assume you are an accountant working for a small private company. Your manager asked you to make an adjusting entry as the balance on the company's Prepaid Rent account was $8,000 instead of $7,500. What entry will you make? Select one:

a. no journal entry required

b. debit Rent Expense $500, credit Prepaid Rent $500

c. debit Prepaid Rent $500; credit Rent Expense $500

d. debit Prepaid Rent $7,500; credit Rent Expense $7,500