The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is Oa. dehit Prepaid Rent. $24,000, credit Rent Expense. $8,000 Ob. debit Rent Expense. $24,000: credit Prepaid Rent. $8,000 Oc. debit Rent Expense, $8,000, credit Prepaid Rent, $8,000 Od. debit Prepaid Rent. $8,000: credit Rent Expense, $8,000 Prior to the adjusting process, accrued revenue has Oa. been earned and not recorded as revenue Ob. not been earned but recorded as revenue Oc. not been recorded as revenue but cash has been received Od. been earned and cash received