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What should the adjusting journal entry

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Question - Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance?

Debit Rent Expense $2,000, Credit Prepaid Rent $2,000

Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000

Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000

Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000

Reference no: EM132639162

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