Chan Sports purchases one year of rent on November 1 for $12,000 ($1,000 per month), debiting Prepaid Rent: Un December 31, Chan Sports would record the following year-end adjusting entry: Multiple Choice Rent Expense Prepaid Rent Rent Expense Prepaid Rent 2,000 2,000 10,000 10,000 No entry is required on December 31 because full cash payment was made on November 1. Rent Expense Prepaid Rent 12,000 12,000 9