What is the adjusting entry for Rent owed at the end of the month?

The adjusting entry for rent owed at the end of the month involves debiting the Rent Expense account and crediting the Rent Payable account. This entry recognizes the expense incurred during the month even if it has not yet been paid, ensuring that financial statements reflect the true financial position. For example, if $1,000 in rent is owed, the entry would be: Debit Rent Expense $1,000 and Credit Rent Payable $1,000.