On July 1, Outdoor Sports Store paid $15,000 to Midtown Realty for 4 months rent beginning 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 Outdoor Sports Store is Select one: 0 a. Debit Rent Expense, $15,000; Credit Prepaid Rent, $3,750. b. Debit Prepaid Rent, $3,750; Credit Rent Expense, $3,750. c. Debit Rent Expense, $15,000; Credit Prepaid Rent, $15,000. d. Debit Rent Expense, $3,750; Credit Prepaid Rent, $3,750. On January 1, 2015, Murphy Inc. purchased equipment for $38,400. The company is depreciating the equipment at the rate of $800 per month. At January 31, 2016, the balance in Accumulated Depreciation is Select one: O a. $28,000 0 b. $800. c. $9,600. 0 d. $10,400