For each of the following transactions for the Sky Blue Corporation, give the accounting equation effects of
Question:
a. Collected $2,400 rent for the period December 1, 2012, to February 28, 2013, which was credited to Unearned Revenue on December 1, 2012.
b. Paid $1,200 for a two-year insurance premium on December 1, 2012, and debited Prepaid Insurance for that amount.
c. Used a machine purchased on December 1, 2012, for $48,000. The company estimates annual depreciation of $4,800.
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Assets Liabilities Stockholders Equity a Unearned Rev...View the full answer
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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