Patrick Trash Haulers paid $5,400 for an insurance policy on August 1, 2021 for the period from August 1, 2021 until July 30,2022 . If they make adjusting entries only at the end of their fiscal year (12/31) what adjusting entry will they need to make on 12/31/2021 for this insurance policy? Debit Rent Expense and credit Cash for $2,250. Debit Rent Expense and credit Prepaid Rent for ( $ 2,250 ). Debit Prepaid Rent and credit Rent Expense for ( $ 2,250 ). Debit Rent Expense and Credit Cash for $3,150.

Patrick Trash Haulers paid \$5,400 for an insurance policy on August 1,2021 for the period from August 1, 2021 until July 30,2022 . If they make adjusting entries only at the end of their fiscal year (12/31) what adjusting entry will they need to make on 12/31/2021 for this insurance policy? Debit Rent Expense and credit Cash for $2,250. Debit Rent Expense and credit Prepaid Rent for $2,250.. Debit Prepaid Rent and credit Rent Expense for $2,250. Debit Rent Expense and Credit Cash for \$3,150. Patrick Trash Haulers paid \$5,400 for an insurance policy on August 1,2021 for the period from August 1, 2021 until July 30,2022 . If they make adjusting entries only at the end of their fiscal year (12/31) what adjusting entry will they need to make on 12/31/2021 for this insurance policy? Debit Rent Expense and credit Cash for $2,250. Debit Rent Expense and credit Prepaid Rent for $2,250.. Debit Prepaid Rent and credit Rent Expense for $2,250. Debit Rent Expense and Credit Cash for \$3,150