Question 4 Marked out of 0.50 On July 1, FOX Store paid $15,000 to Midtown 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 FOX Store is? a. Debit Prepaid Rent, $3,750; Credit Rent Expense, $3,750 b. Debit Rent Expense, $3,750; Credit Prepaid Rent, $3,750 c. Debit Rent Expense, $15,000; Credit Prepaid Rent, $3,750 d. Debit Rent Expense, $15,000; Credit Prepaid Rent, $15,000