On July 1 . Switty's Sports Store paid $14080 to Cullumber 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 Swifty's Sports Store is Debit Rent Expense, \$3520, Credit Prepaid Rent, $3520. Debit Rent Expense, $14080; Credit Prepaid Rent, $14080. Debit Rent Expense, \$14000; Credit Prepaid Rent, $3520 Debit Prepaid Pent, $3520, Credit Rent Expense, $3520 Attempts: 0 of 2 used