Using the QBO Sample Company, Craig's Design and Landscaping Company, complete the following. In December Craig paid $112 for equipment rental and recorded it as Equipment Rental, an Expenses account. But the $112 was prepaid to reserve the equipment for use in January of next year. So at the end of the accounting period on December 31, the benefits of the $112 had not expired and would not be Equipment Rental Expense, but Prepaid Rent Expense, an asset with future benefit. Since Craig recorded the entire $112 as Equipment Rental Expense, an adjusting entry is needed to bring accounts up to date at December 31. 1. Complete the following table Account Increase or Decrease? Debit or Credit? Amount Account Type Expense Equipment Rental Prepaid Rent Expense Asset 2. Complete the following table to represent the adjusting entry that you recorded. Account Amount Debit Credit