On July 1 the Swifty Corporation paid $18240 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 Swifty Corporation is: O debit Rent Expense, $3040; credit Prepaid Rent, $3040 O debit Rent Expense, $18240; credit Prepaid Rent, $15200. debit Prepaid Rent, $3040; credit Rent Expense, $3040. O debit Rent Expense, $18240; credit Prepaid Rent, $3040.