The balance in the Prepaid Rent account before adjustment at the end of the year is $22800, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent, $15200; credit Rent Expense, $15200 O debit Rent Expense, $7600; credit Prepaid Rent, $7600. O debit Prepaid Rent. $7600; credit Rent Expense, $7600. debit Rent Expense, $15200; credit Prepaid Rent $15200