For each of the following transactions for the SkyBlue Corporation, give the accounting equation effects of the

Question:

For each of the following transactions for the SkyBlue Corporation, give the accounting equation effects of the adjustments required at the end of the month on December 31, 2014:
a. Collected $2,400 rent for the period December 1, 2014, to February 28, 2015, which was credited to Unearned Revenue on December 1, 2014.
b. Paid $1,200 for a two-year insurance premium on December 1, 2014, and debited Prepaid Insurance for that amount.
c. Used a machine purchased on December 1, 2014, for $48,000. The company estimates annual depreciation of $4,800.
Using the information, prepare the adjusting journal entries required on December 31, 2014.