The following are transactions for the Sky Blue Corporation: a. Collected $4,650 rent for the period...

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The following are transactions for the Sky Blue Corporation: a. Collected $4,650 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $3,000 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $57,000. The company estimates annual depreciation of $5,700. Required: For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Transaction a. b. C. Assets Liabilities Stockholders' Equity The following are transactions for the Sky Blue Corporation: a. Collected $4,650 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $3,000 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $57,000. The company estimates annual depreciation of $5,700. Required: For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Transaction a. b. C. Assets Liabilities Stockholders' Equity

Answer rating: 100% (QA)

Transaction a Increase in Cash 4650 Decrease in Deferred Revenue 46... View the full answer