Question 22 of 28\

(-)/(1)

\ View Policies\ Current Attempt in Progress\ On July 1, Concord's Sports Store paid

$14160

to Pharoah Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Concord's Sports Store is\ Debit Prepaid Rent,

$3540

; Credit Rent Expense,

$3540

.\ Debit Rent Expense,

$3540

; Credit Prepaid Rent,

$3540

.\ Debit Rent Expense,

$14160

; Credit Prepaid Rent,

$3540

.\ Debit Rent Expense,

$14160

; Credit Prepaid Rent,

$14160

.\ eTextbook and Media

On July 1, Concord's Sports Store paid $14160 to Pharoah Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Concord's Sports Store is Debit Prepaid Rent, $3540; Credit Rent Expense, $3540. Debit Rent Expense, $3540; Credit Prepaid Rent, $3540. Debit Rent Expense, $14160; Credit Prepaid Rent, $3540. Debit Rent Expense, $14160; Credit Prepaid Rent, $14160