table.) Requirement 1. Journalize the adjusting entries needed on July 31, 2018. (Record debis ftrst then a. Depreciation, $400 credits. Select the explanation on the last line of the journal entry Date Accounts and Explanation Debit Credit (a) Jul 31 b. Prepaid rent expires, S700 (Assume that KTR debits an asset account when rent is paid in aovance) Debit Credit Date Accounts and Explanation (b) Jul 31 c. Interest expense accrued, $500 Date Accounts and Explanation Debit Credit (c) Jul 31