On September 1, 2018, a firm paid $48,000 in cash for the entire year's rental agreement. The adjusting entry required on December 31, 2018 is: Debit rent expense $ 16,000 and credit cash $ 16,000 Debit rent expense $ 48,000 and credit cash $48,000. Debit prepaid expense $ 16,000 and credit rent expense $ 16,000. Debit rent expense $ 16,000 and credit prepaid expense $ 16,000