Rainbow Pte. Ltd. recorded rent expense transaction as follows:

DR Rent expense $144,000

CR Bank $144,000

The above rent is paid for the period starting from 1 July 2021 to 31 March 2022. If the companys year-end is 31 January 2022, which of the following is the best adjusting entry to be passed on 31 January 2022?

a. DR Rent expense $32,000

CR Prepaid expense $32,000

b. DR Rent expense $64,000

CR Prepaid expense $64,000

c. DR Prepaid expense $32,000

CR Rent expense $32,000

d. DR Prepaid expense $64,000

CR Rent expense $64,000