Yaqui Company provides computer network consulting services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues. Give the appropriate entry that Yaqui would use to record each of the following transactions on the date it occurred. Prepare the adjusting entries needed on December 31, 2012. (Round all numbers to the nearest dollar.)

1. On March 15, 2012, Yaqui received $54,000 for a contract to provide consulting services for 18 months beginning immediately.

2. On April 1, 2012, the company paid $285 for a two-year subscription to a computer networking journal. The subscription starts April 1, 2012, and expires March 31, 2014.

3. On May 1, 2012, Yaqui paid $7,500 in property taxes for the year May 1, 2012, to April 30, 2013.

4. Yaqui rented part of its office building to Thinkers Advertising Inc. Thinkers paid $3,350 on August 1, 2012, for the next six months’ rent.

5. On September 1, 2012, the company paid a two-year premium of $30,000 on an insurance policy that is effective September 1, 2012, and expires August 31, 2014.

6. Yaqui loaned $175,000 to a client. On October 1, 2012, the client paid $13,300 for interest in advance (October 1, 2012, to September 30, 2013).