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The balance in the prepaid rent account before adjustment at the end of the year is $24,000, which represents four months' rent paid on December

The balance in the prepaid rent account before adjustment at the end of the year is $24,000, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is

debit (increase) Rent Expense, $18,000; credit (decrease) Prepaid Rent, $6,000

debit (increase) Prepaid Rent, $6,000; credit (decrease) Rent Expense, $6,000

debit (increase) Rent Expense, $6,000; credit (decrease) Prepaid Rent, $6,000

debit (increase) Prepaid Rent, $18,000; credit (decrease) Rent Expense, $6,000

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