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On July 1, Mcmicmic Builders paid $2,700 in advance for 12 months of rent, with...

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Accounting

On July 1, Mcmicmic Builders paid $2,700 in advance for 12 months of rent, with the rental period beginning on July 1. This $2,700 amount was correctly recorded as Prepaid Rent Expense on July 1. Which one of the following will be included in the December 31 adjusting entry? Group of answer choices A DEBIT to Rent Expense for $2,700. A CREDIT to Rent Expense for $1,350. A DEBIT to Prepaid Rent Expense for $1,350. A CREDIT to Prepaid Rent Expense for $1,350.

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