The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents five months' rent paid on December 1. The adjusting entry required on December 31 is

debit Rent Expense, $3,000; credit Prepaid Rent, $3,000

debit Rent Expense, $12,000; credit Prepaid Rent, $12,000

debit Rent Expense, $5,000; credit Prepaid Rent, $5,000

debit Rent Expense, $5,000; credit Prepaid Rent, $5,000: incorrect.

debit Prepaid Rent, $10,000; credit Rent Expense, $5,000