On November 1, 2019, Peaches Consulting Service Paid $4,800 for 12

Multiple Choice

On November 1, 2019, Peaches Consulting Service paid $4,800 for 12 months of advance rent on its office space. The correct adjusting entry on December 31, 2019, to show the amount of rent that had expired would include:

A) debit Rent Expense $4,800; credit Prepaid Rent $4,800
B) debit Rent Expense $800; credit Prepaid Rent $800
C) debit Rent Expense $400; credit Prepaid Rent $400
D) debit Prepaid Rent $4,000; credit Rent Expense $4,000