Assume that on November 1, 2022, a 3-month rent payment for $6,000 per month (for a total of $18,000) was made wit respect to a lease that the company entered into on that date as a tenant. The company took occupancy of the rented space immediately. The lease term will expire on January 31, 2023. The $18,000 payment was recorded as a debit to Prepaid Rent on November 1, 2022. The adjusting entry on December 31, 2022, is as follows: Multiple Choice A) B) Debit Credit Debit Credit D) Debit Credit Debit Credit Prepaid Rent Rent Expense Prepaid Rent Rent Expense Rent Expense Prepaid Rent Rent Expense Prepaid Rent 6,000 12,000 6,000 12,000 6,000 12,000 6,000 12,000

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.