Chan Sports purchases one year of rent on November 1 for $12,000 ($1,000 per month), debiting Prepaid Rent. On December 31, Chan Sports would record the following year-end adjusting entry:
a. Rent Expense 2,000
Prepaid Rent 2,000
b. Rent Expense 10,000
Prepaid Rent 10,000
c. Rent Expense 12,000
Prepaid Rent 12,000
d. No entry is required on December 31 because full cash payment was made on
November 1.
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