On July 1, Runner's Sports Store paid $14,000 to Corona 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 Runner's Sports Store is Debit Prepaid Rent, $3,500; Credit Rent Expense, $3,500 Debit Rent Expense, $14,000; Credit Prepaid Rent, $3,500. Debit Rent Expense, $3,500; Credit Prepaid Rent $3,500. Debit Rent Expense, $14,000; Credit Prepaid Rent, $14,000