Homework Questions 1) Hobbs Inc. prepaid 8 months of rent, a total of $5,600, on November 1. Hobbs did not make any adjustments to the prepaid rent expense account until December 31, its year-end a. Give Hobbs's journal entry on November 1 to record the prepayment of rent. b. Give Hobbs's required adjusting journal entry on December 31 c. What amount will appear for rent expense on Hobbs' Income Statement for the year? d. What amount will appear for prepaid rent expense on Hobbs' December 31 Balance Sheet