Suppose Livingston, a specialty clothing store, rents space at a local mall for one year, paying $13,800 ($1,150 per month) in advance on October 1. The balance of Prepaid Rent at the beginning of the year is $0. Determine the accounts to be adjusted on December 31, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be indicated with a minus sign. Prepaid Rent Rent Expense January 1 Beginning balance October 1 Payment for rent for one year December 31 Adjustment December 31 Balance after adjustment $ 0 $ 0