3A-36A (similar to) Door to Door Pack'n Mail completed the following transactions during 2016: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize the transactions assuming that Door to Door debits an asset account for prepaid expenses a entry table.) Nov. 1: Paid $7,200 store rent covering the six-month period ending April 30, 2017 Debit Credit Mon Date Accounts and Explanation Nov. 1 Nov. 1 Nov. 1 Dec. 1 Dec. 1 tb Cash collected for future services. Paid insurance in advance. Paid rent in advance. To accrue service revenue To record insurance expense To record payment of accrued expenses. To record rent expense. To record service revenue that was collected in advance. por debits an asset account for nearned revenues. 31, 2016 nts, and show their balances at ib. ugnore tne casn accounn 4. Repeat Requirements 1-3. This time debit an expense account for prepaid expenses and credit a revenue account for uneaned revenues Choose fronS Compare the account balances in Requirements 3 and 4. They should be equal 18 PrintDone esc or to Door Packn Mail completed the following transactions during 2016: (dick the icon to view the transactions.) Read the requirements Requirement 1. Journalize the transactions assuming that Door to Door debits an asset account for prepaid entry table.) Nov. 1: Paid $7.200 store rent covering the six-month period ending April 30, 2017 Date Accounts and Explanation Debit Credit Nov. 1 Accounts Receivable Cash Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Service Revenue 1. Journalize the transactions assuming that Door to Door debits an asset account for prepaid expenses and credits a liability account for unearned revenues. 2. Journalize the related adjusting entries at December 31, 2016. 3. Post the journal and adjusting entries to the T-accounts, and show their balances at December 31, 2016. (Ignore the Cash account.) 4 Repeat Requirements 1-3. This time debit an expense account for prepaid expenses and credit a revenue account for uneamed revenues Choose fro5. Compare the account balances in Requirements 3 and 4. They should be equal. Print Done esc ns 3 of 5 (0 complete) prepaid expenses and credits a liability account for unearned revenues. (Record debits first, then credits Sele dit More Into Nov. 1 Nov. 1 Dec. 1 Paid $7,200 store rent covering the six-month period ending Apri 30, 2017 Paid $9,000 insurance covering the five-month period ending March 31, 2017 Collected $8,000 cash in advance from customers. The service revenue will be earned $2,000 monthly over the four-month period ending March 31, 2017 Dec. 1 Collected $7,500 cash in advance from customers. The service revenue will be earned $1.500 monthly over the five-month period ending April 30, 2017 Print Done set account lor ues their balances at r prepaid expenses and should be equal Clear Al
