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On 12/1/2022 QuickBooks Company paid 12 month of rent in advance for their office space...

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Question

Accounting

On 12/1/2022 QuickBooks Company paid 12 month of rent in advance for their office space for $48,000. The amount was recorded inititally as Prepaid Rent. The adjusting entry at 12/31/22 would be:

Multiple Choice

A. Debit Prepaid Rent and credit Rent expense in the amount of $44,000.

B. Debit Rent Expense and credit Prepaid Rent in the amount of $44,000.

C. Debit Prepaid Rent and credit Rent expense in the amount of $4,000.

D. Debit Rent Expense and credit Prepaid Rent in the amount of $4,000.

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