The balance in the prepaid rent account before adjustment at the end of the year is $14,268, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is
• a. debit Prepaid Rent, $10,701, credit Rent Expense, $3,567
• b. debit Rent Expense, $3,567, credit Prepaid Rent, $3,567
• c. debit Prepaid Rent, $3,567, credit Rent Expense, $3,567
• d. debit Rent Expense, $10,701, credit Prepaid Rent, $3,567
