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

Question

Quizplus · Accepted Answer

The adjusting entry for expired rent would decrease the asset account Prepaid Rent and increase the expense account Rent Expense. Therefore, the correct entry would be to debit Rent Expense and credit Prepaid Rent.

The Adjusting Entry to Record the Expired Rent Would Be