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Panda Corporation paid cash of $60,000 on June 1, 2014 for one years rent in...

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Accounting

Panda Corporation paid cash of $60,000 on June 1, 2014 for one years rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2014 adjusting entry is

A) debit Prepaid Rent and credit Rent Expense, $25,000 B) debit Prepaid Rent and credit Rent Expense, $35,000 C) debit Rent Expense and credit Prepaid Rent, $35,000 D) debit Prepaid Rent and credit Cash, $25,000

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