Which of the following is the correct journal entry if Bargain Boots received their monthly 500 rent bill, which will be paid later?
1) Debit: Accounts Payable (500); Credit: Rent Expense (500)
2) Debit: Cash (500); Credit: Rent Expense (5500)
3) Debit: Rent Expense (500); Credit: Accounts Payable (500)
4) Debit: Rent Expense (500); Credit: Cash (500)
