Brief Exercise 3-7 Record the adjusting entry for prepaid rent (LO3-3) Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $21,000 ($1,750/month) in advance on October 1. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). Journal entry worksheet Record the payment of rent in advance on October 1. Note: Enter debits before credits. Date General Journal Debit Credit October 01 Record entry Clear entry View general journal Journal entry worksheet