On January 1, the Sleepy Monk Coffee Shop paid $34,500 for a full year of rent beginning on January 1. The rent payment was appropriately recorded in the Cash and Prepaid Rent accounts. If financial statements are prepared on January 31, the journal entry to record the adjustment would be: Multiple Choice Debit Prepaid Rent and credit Rent Expense for $2,875 Debit Rent Expense and credit Prepaid Rent for $34,500. Debit Prepaid Rent and credit Rent Expense for $34,50O. Dehit Dent Evnense and credit Drenaid Dent for $2.875