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What the adjusting entry to be made by the waterway

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Question - On July 1 the Waterway Gallery paid $5500 to Fairy Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on August 31, what the adjusting entry to be made by the Waterway?

a. debit Rent Expense, $1375; credit Prepaid Rent, $4125.

b. debit Rent Expense, $4125; credit Prepaid Rent, $1375.

d. debit Prepaid Rent, $2750; credit Rent Expense, $2750.

c. debit Rent Expense, $2750; credit Prepaid Rent, $2750.

Reference no: EM133108703

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