Question 20 Indicate how the following transaction should be recorded: Recorded expired portion of prepaid rent, $700. Decrease Office Building, $700; Decrease Retained Earnings with Rent Expense, $700. Decrease Prepaid Rent, $700; Decrease Retained Earnings with Rent Expense, $700. Decrease Cash, $700; Decrease Retained Earnings with Rent Expense, $700. Increase Prepaid Rent, $700; Increase Retained Earnings with Rent Expense, $700.