QUESTION 29 The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 b. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000 c debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 d. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000