Reed Co. wishes to enter receipts and payments in such a manner that adjustments at the end of the period wit not require reversing entries at the beginning of the next penal. Record the following transactions in the indicated manner and g.ve the adjusting entry on December 31, 2014. (Two entrees for each part)
1. An insurance poky for two years was acquired on April 1, 2014 for $16,584.
2. Rent of $12,300 for six months for a portion of the building was received on November 1, 2014.

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S.No Account Titles and Explanation Date Debit Credit (1) (2)