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On November 1,$4,800 of rent on equipment for the next six months was paid and...

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Accounting

On November 1,$4,800 of rent on equipment for the next six months was paid and charged to Prepaid Rent. At the end of the year, the financial statements would report:
Multiple Choice
Rent Expense, $1,600 : Prepaid Rent $3,200
Rent Expense, $1,600 : Prepaid Rent $4,800
Rent Expense, $3,200 : Prepaid Rent $1,600
Rent Expense. $4.800 : Prepaid Rent $0
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