3. Recording Adjusting Entries (Deferred Accounts) In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three step process illustrated in the chapter to record the adjusting entry at year-end December 31,2015 a. Collected $1.200 rent for the period December 1, 2015, to April 1, 2016, which was credited to Unearned Rent Revenue on December 1, 2015 b. Purchased a machine for $32,000 cash on January 1, 2011. The company estimates annual depreciation at $3,200 c. Paid S5,000 for a two-year insurance premium on July 1, 2015; debited Prepaid Insurance for that amount. 4. Recording Seven Typical Adjusting Entries Dittman's Variety Store is completing the accounting process for the year just ended, December 31,2014. The transactions during 2014 have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December 2014, unpaid and unrecorded at December 31, 2014, amounted to $2,700. The last payroll was December 28; the next payroll will be January 6, 2015 b. Office supplies on hand at January 1, 2014, totaled $450. Office supplies purchased and debited to Office Supplies during the year amounted to $500. The year-end count showed $275 of supplies on hand. c. One-fourth of the basement space is rented to Heald's Specialty Shop for $560 per month, payable monthly. On December 31, 2014, the rent for November and December 2014 had not been collected or recorded. Collection is expected January 10, 2015 d. The store used delivery equipment that cost $60,500; $12,100 was the estimated depreciation for 2014 e. On July 1, 2014, a two-year insurance premium amounting to $2,400 was paid in cash and debited in full to Prepaid Insurance. Coverage began on July 1, 2014 The remaining basement of the store is rented for $1,600 per month to another merchant, M. Carlos Inc. Carlos sells compatible, but not competitive, merchandise. On November 1, 2014, the store collected six months' rent in the amount of $9,600 in advance from Carlos; it was credited in full to Unearned Rent Revenue when collected