Business, 02.03.2020 22:42, ike9264

For each of the following transactions (a) through (C) for Catena's Marketing Company, prepare the adjusting entry. The process includes (1) determining if revenue was earned or an expense was incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Collected $4,000 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. b. Purchased a machine for $40,000 cash on January 1. The company estimates annual depreciation at $4,300. c. Paid $3,600 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount.

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For each of the following transactions (a) through (C) for Catena's Marketing Company, prepare the a...