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Find the december adjusting entry

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Question - Sheffield Corp. paid cash of $147000 on June 1, 2017 for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent. Find the December 31, 2017 adjusting entry?

a) debit Prepaid Rent and credit Cash, $61250.

b) debit Prepaid Rent and credit Rent Expense, $85750.

c) debit Rent Expense and credit Prepaid Rent, $85750.

d) debit Prepaid Rent and credit Rent Expense, $61250.

Reference no: EM132592428

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