On July 1 the Nash's Trading Post, LLC paid $17760 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 Nash's Trading Post, LLC is

Select answer from the options below

debit Rent Expense, $2960; credit Prepaid Rent, $2960

debit Prepaid Rent, $2960; credit Rent Expense, $2960.

debit Rent Expense, $17760; credit Prepaid Rent, $14800.

debit Rent Expense, $17760; credit Prepaid Rent, $2960.