Briet Exercise 3-7 (Algo) Record the adjusting entry for prepaid rent (LO3-3) Suppose Livingston, a specialty clothing store, rents space at a local mall for one year, paying $22,800 ( $1,900/month) In advance on October 1. Required: 1.82. Record the necessary entrles 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). Complete this question by entering your answers in the tabs below. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event