On July 1, Pharoah Store paid $18000 to Location Realty for 5 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 Pharoah Store is debit Prepaid Rent, $10800; credit Rent Expense, $10800. O debit Rent Expense, $18000; credit Prepaid Rent, $18000. debit Rent Expense, $3600; credit Prepaid Rent, $3600. debit Prepaid Rent, $3600; credit Rent Expense, $3600.

On July 1, Pharoah Store paid $18000 to Location Realty for 5 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 Pharoah Store is debit Prepaid Rent, \$10800; credit Rent Expense, $10800. debit Rent Expense, \$18000; credit Prepaid Rent, \$18000. debit Rent Expense, $3600; credit Prepaid Rent, $3600. debit Prepaid Rent, $3600; credit Rent Expense, $3600