Prepare adjusting entries as of December $31$ of the current year for the following transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Collected $$2,600$ rent for the period December $1$ of the current year to April $1$ of next year, which was credited to Unearned Rent Revenue on December $1.$

Purchased a machine for $$50,000$ cash on January $1.$ The company estimates annual depreciation at $$3,400.$

Paid $$3,700$ for a two$-$year insurance premium on July $1$ of the current year; debited Prepaid Insurance for that amount on July $1.$

Answer rating: 100% (QA)

Here are the adjusting entries for the transactions 1 Collected 2600 rent for the period December ... View the full answer