On May $1$ of Year $1,$ a company paid cash to purchase prepaid rent. Based on this information, the year$-$end adjusting entry required to recognize rent expense will Blank$\_\_\_\_\_\_.$

Multiple choice question.

increase the balances in the Prepaid Rent and the Rent Expense accounts

decrease the balance in the Prepaid Rent account and increase the balance in the Rent Expense account

decrease the balances in the Prepaid Rent and the Rent Expense accounts

increase the balance in the Prepaid Rent account and decrease the balance in the Rent Expense account