Listed below is information related to several adjusting entry situations. Assume that the accounting year ends on December 31.

1.	$3,000 paid for insurance on October 1 for a one-year period (October 1 - September 30). This transaction was recorded as a debit to prepaid insurance ($3,000) and a credit to cash ($3,000).
2.	Interest on bonds payable in the amount of $500 has not been recorded at December 31.
3.	Rent expense in the amount of $1,200 was paid on November 1. This transaction was recorded as a debit to rent expense ($1,200) and a credit to cash ($1,200). This rent payment was for the period November 1 to January 31

Required:

Record the original entries and the adjusting entries using T-accounts (or, as it is very difficult to align the T-account on any direct post here, you can use double-entry system accounts).

Answer rating: 100% (QA)

Prepaid insurance Date Accounts Amount Date Accounts Amount 1Oct To ... View the full answer