Mc LO 125 pos Hill 5 0124:11 A company paid $2,400 cash on July 1 for an 18-month rental policy beginning on July 1. The following dashboard shows the company's rent expense for the first year ending December 31, along with rent expense for the second year. Rent Expense 50 $800 $400 $800 Year 1 Year 2 Journal entry worksheet 1 2 3 $1,200 $1,600 < Prev Prepare the July 1 journal entry to record payment in advance for the rental policy. $1,600 5 of 8 Nabat $2,000 $2,400