Question: Problem 3 : P3A-38A (1) Background: Rapid Way Pack'n Mall completed the transactions listed below during November and December. 11/01/2018-Paid $9,600 for store rent covering

Problem 3 : P3A-38A (1) Background: Rapid Way Pack'n Mall completed the transactions listed below during November and December.

  1. 11/01/2018-Paid $9,600 for store rent covering the six-month period ending April 30, 2019.
  2. 11/01/2018-Paid $6,000 insurance covering the five-month period ending March 31, 2019.
  3. 12/01/2018-Collected $9,000 in advance from Carly Enterprises. The service revenue will be earned evenly over the next five months (ending April 30, 2019).
  4. 12/01/2018-Collected $7,200 cash in advance from Crush Casualties. The service revenue will be earned $2,400 monthly over the three-month period ending February 28, 2019.
  5. 12/31/2018-Record the adjustment needed for Prepaid Rent.
  6. 12/31/2018-Record the adjustment needed for Prepaid Insurance.
  7. 12/31/2018-Record the adjustment needed for Unearned Revenue related to Carly Enterprises.
  8. 12/31/2018-Record the adjustment needed for Unearned Revenue related to Crush Casualties.

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