The adjusting entry to record the expired rent would be to:
A) debit Prepaid Rent Expense; credit Cash.
B) debit Cash; credit Prepaid Rent.
C) debit Prepaid Rent; credit Cash.
D) debit Rent Expense; credit Prepaid Rent.

Question

Quizplus · Accepted Answer

The correct adjusting entry for expired rent involves debiting Rent Expense to recognize the expense incurred during the period and crediting Prepaid Rent to reduce the asset account, reflecting the portion of the prepaid rent that has now been used.

The Adjusting Entry to Record the Expired Rent Would Be