1. Jordan Company's annual accounting year ends December 31st. It is now December 31, 2018 and all of the following transactions have been recorded except for the following-

On September 1, 2018 Jordan Company collected 6 months rent of $4800 on storage space. At that date Jordan debited cash and credited deferred revenue for $4800.

(a) Give the adjusted journal entry for the transaction at December 31, 2018.

(b) If adjustments weren't made, the financial results could be materially misstated. What amount would be overstated or understated if the adjustments in part a had not been made.