On November 1, 20X1, Peaches Consulting Service paid $4,800 for 12 months of advance rent on its office space. The correct adjusting entry on December 31, 20X1, to show the amount of rent that had expired would include: Multiple Choice debit Rent Expense $400; credit Prepaid Rent $400 debit Rent Expense $800; credit Prepaid Rent $800 debit Prepaid Rent $400; credit Rent Expense $400 debit Prepaid Rent $800; Credit Rent Expense $800

On November 1, 20X1, Peaches Consulting Service paid $4,800 for 12 months of advance rent on its office space. The correct adjusting entry on December 31,201, to show the amount of rent that had expired would include: Multiple Choice deoit Rent Expense $400, credt Propaid Rent $400 debit Rent Expense $800, credit Prepeid Rent $800 debit Prepald Aent $400; credA Rent Expense $400 debit Prepaid Rent $800; Credt Rent Expense $800