False QUESTION 16 The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is a debit Prepaid Rent, $24,000; credit Rent Expense, $$,000 b. debit Prepaid Rent, SS,000: credit Rent Expense, S8,000 C. debit Rent Expense, $24,000: credit Prepaid Rent, 58,000 d. debit Rent Expense, 58,000; credit Prepaid Rent, $8,000 QUESTION 17 At year-end, the balance in the prepaid insurance account, prior to any adjustments, is $6.000 The amount of the journal entry required to record insurance expense will be $4,000 if the amount of unexpired insurance applicable to future periods is $2,000 True: 3.5 p