Hyundai Company signed a two-year lease on July 1, 2016, and paid the $34,800 total rent in advance. Hyundai recorded the transaction as a debit to Prepaid Rent and a credit to Cash. What adjusting entry should Hyundai make on December 31, 2016 (no previous adjustment has been made)? A) Rent Expense 17,400 Prepaid Rent 17,400 B) Rent Expense 8,700 * Prepaid Rent 8,700 C) Prepaid Rent 26,100 Rent Expense 26,100 D) Prepaid Rent 8,700 Rent Expense 8,700

Hyundai Company signed a two-year lease on July 1, 2016, and paid the $34,800 total rent in advance. Hyundai recorded the transaction as a debit to Prepaid Rent and a credit to Cash. What adjusting entry should Hyundai make on December 31, 2016 (no previous adjustment has been made)? A) Rent Expense 17,400 Prepaid Rent 17,400 B) Rent Expense 8,700 - Prepaid Rent 8,700 C) Prepaid Rent 26,100 Rent Expense 26,100 D) Prepaid Rent 8,700 Rent Expense 8,700