On July 1 the Blossom Company paid $28320 to Acme Realty for 6 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 the Blossom Company is debit Rent Expense, $28320; credit Prepaid Rent, $4720. debit Prepaid Rent, $4720; credit Rent Expense, $4720. O debit Rent Expense, $28320; credit Prepaid Rent, $23600. debit Rent Expense, $4720; credit Prepaid Rent, $4720

On July 1 the Blossom Company paid $28320 to Acme Realty for 6 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 the Blossom Company is debit Rent Expense, \$28320; credit Prepaid Rent, \$4720. debit Prepaid Rent, \$4720; credit Rent Expense, \$4720. debit Rent Expense, \$28320; credit Prepaid Rent, $23600. debit Rent Expense, \$4720; credit Prepaid Rent, \$4720