Question: Using the information in M4- 5, prepare the adjusting journal entries required on October 31. a. Collected $ 2,400 rent for the period October 1

Using the information in M4- 5, prepare the adjusting journal entries required on October 31.
a. Collected $ 2,400 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1.
b. Paid $ 1,200 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 $ 48,000. The company estimates annual depreciation of $ 4,800.

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