On March 1, Granny Inc. purchases one year of rent for $6,000 ($500 per month). What is the appropriate adjusting entry for rent at the end of the year? O Debit Rent Expense $6,000; Credit Prepaid Rent $6,000 Debit Rent Expense $5,000; Credit Prepaid Rent $5,000 O Debit Rent Expense $6,000; Credit Cash $6,000 Debit Prepaid Rent $1,000; Credit Rent Expense $1,000 Debit Cash $1,000; Credit Prepaid Rent $1,000

On March 1, Granny lnc. purchases one year of rent for $6,000 (\$500 per month). What is the appropriate adjusting entry for rent at the end of the year? Debit fient Expense \$6,000; Credit Prepaid Rent $6,000 Deblt Rent Expense $5,000; Credit Prepaid Rent $5,000 Debit Rent Expense 56,000 , Credit Cash $6,000 Dobit Propaid Rent $1,000 : Credit Rent Expence $1,000 Debit Cash \$1,000; Credit Prepaid Rent $1,000 On March 1, Granny inc. purchases one year of rent for $6,000 ( $500 per month). What is the appropriate adjusting entry for rent at the end of the year? Debit Rent Expense $6,000; Credit Prepaid Rent $6,000 Debit Rent Expense \$5,000; Credit Prepaid Rent $5,000 Debit Rent Expense $6,000 : Credit Cash $6,000 Debit Prepaid Rent \$1,000: Credit Rent Expense $1,000 Debit Cash \$1,000; Credit Prepaid Rent $1,000