Question 1 Not yet answered Marked out of 100 Flag question The balance in the rent expense account before adjustment at the end of the year is 25,000. This represents five months' rent paid on 1 November 2020. The adjusting entry required on 31 December 2020 is to: Select one: O a. Increase the rent expense by 10,000 and decrease the prepayments by 10,000 o b. Increase the rent expense by 15,000 and decrease the prepayments by 15,000 O c. Decrease the rent expense by 10,000 and increase the prepayments by 10,000. o d. Decrease the rent expense by 15,000 and increase the prepayments by 15,000