Due to the terms of its lease, Sparrow Services, Inc., pays the rent for its new office space in one annual payment of $22,500 on August 1, 2021. The lease covers the period of August 1, 2021, through July 31, 2022. Sparrow Services has a year-end of December 31. Assume that Sparrow Services had no other prepaid rent transactions, nor did it have a Prepaid Rent beginning balance in 2021. Give the journal entries that Sparrow Services would make for (a) the annual rent payment of $22.500 on August 1 and (b) the adjusting entry for rent expense on December 31, 2021. What is the balance of Prepaid Rent at December 31, 20217 Give the journal entries that Sparrow Services would make for (a) the annual rent payment of $22,500 on August 1 and (b) the adjusting entry for rent expense on December 31, 2021. What is the balance of Prepaid Rent at December 31, 2021? (Record debits first, then credits. Exclude explanations from any journal entries) Give the journal entry that Sparrow Services would make for (a) the annual rent payment of $22.500 on August 1. Date Aug 1 Journal Entry Accounts Debit Credit