The balance in the prepaid rent account before adjustment

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Reference no: EM13747105

The balance in the Prepaid Rent account before adjustment at the end of the year is $21,000, which represents three months’ rent paid on December 1. The adjusting entry required on December 31 is to

debit Prepaid Rent, $7,000; credit Rent Expense, $7,000.

debit Prepaid Rent, $14,000; credit Rent Expense, $14,000.

debit Rent Expense, $7,000; credit Prepaid Rent, $7,000.

debit Rent Expense, $14,000; credit Prepaid Rent $14,000.

Reference no: EM13747105

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