On October 25, 2019, the company paid $25,200 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include: Multiple Choice a $8,400 debit to Rent Expense. a $4,200 credit to Cash. a $25,200 credit to Rent Expense. a $4,200 credit to Prepaid Rent.

a $8,400 debit to Rent Expense.

Explanation:

The journal entry to record the payment of rent for a 6 month period in advance should be:

October 25, 2019

Dr Prepaid rent 25,200

    Cr Cash 25,200

Since this payment includes 6 months starting on November, the necessary adjusting entry recorded on December 31, 2019 should be:

Dr Rent expense 8,400

    Cr Prepaid rent 8,400

This includes the accrual of 2 months worth of rent expense.

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