Answer the following questions about prepaid expenses:
a. On March 1, Blue & Green Travel prepaid $4,800 for six months rent. Give the adjusting entry to record rent expense at March 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at March 31. Blue & Green Travel adjusts the accounts only at March 31, the end of its fiscal year.
b. On December 1, Blue & Green Travel paid $900 for supplies. At March 31, Blue & Green Travel has $700 of supplies on hand. Make the required journal entry at March 31. Then post all amounts to the accounts and show their balances at March 31.