On July 1, Concos Sports Store paid $14680 to Ivanhoe Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full amount. Innancial statements are prepared on July 31, the adjusting entry to be made by Concord's Sports Store is Debit Rent Expense, $3670, Credit Prepaid Rent, $3670. O Debit Rent Expense, $14680; Credit Prepaid Rent, $14680. O Debit Rent Expense, $14680; Credit Prepaid Rent, $3670. O Debit Prepaid Rent, $3670; Credit Rent Expense, $3670

On July 1, conce full amorint: procils statem: eprepartd on Joly 31 , the adjusting entry to be made by Concord's Sports Store is: s. Defit Rent Sxpense, $44680; Credit Prepaid Rent $14680. Debit Ronit Expense, $14680; Credit Prepalad Rent, $3670. Debt Prepaid Rent, $3670; Credit Rent Expense, $36702