On July 1, Cullumber Store paid $15500 to Location Realty for six months rent, starting July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Cullumber Store is debit Prepaid Rent, $7749; credit Rent Expense, $7749. debit Rent Expense, $2583; credit Prepaid Rent, $2583. debit Prepaid Rent, $2583; credit Rent Expense, $2583. debit Rent Expense, $15500; credit Prepaid Rent, $15500.