Record the adjusting entry for prepaid rent [LO3] [The following information applies to the questions displayed below.] Calculate the year-end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $31,200 ($2,600/month) in advance on October 1