a. Collected $2,400 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1.

b. Paid $1,200 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.

c. Used a machine purchased on October 1 for $48,000. The company estimates annual depreciation of $4,800.

record the transactions in the general journal

a. Collected $2,400 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,200 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $48,000. The company estimates annual depreciation of $4,800. Required: For each of the above transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. General Journal No Transaction Credit Debit 2,400 1 a. Cash Rent Revenue 2,400 2 b. 1,200 X Prepaid Insurance Cash 1,200 3 c. 48,000 Accumulated Depreciation Cash 48,000