Is the entry correct: Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense.

Is the entry correct:3. Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of$122,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made.DR. Cash, $1000CR. Rent Expense, $1000

Is the entry correct:3. Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made andcharged to "rent expense." The 2010 income statement shows as a general...