Adjusting Entries: Prepaid Expenses and Unearned Revenues Masa Company provides computer network consuiting services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues. Give the appropriate entry that Masa would use to record each of the following transactions on the date it occurred. Prepare the adjusting entries needed on December 31,2017 . (Round all numbers to the nearest dollar.) 1. On March 15, 2017, Masa received $54,000 for a contract to provide consulting services for 18 months beginning immediately. 2. On April 1, 2017, the company paid \$285 for a two-year subscription to a computer networking journal. The subscription starts April 1, 2017, and expires March 31, 2019. 3. On May 1, 2017, Masa paid $7,500 in property taxes for the year May 1, 2017, to April 30, 2018. 4. Masa rented part of its office building to Thinkers Advertising Inc. Thinkers paid $3,350 on August 1, 2017, for the next six months' rent. 5. On September 1, 2017, the company paid a two-year premium of $30,000 on an insurance policy that is effective September 1, 2017, and expires August 31, 2019. 6. Masa loaned $175,000 to a client. On October 1, 2017, the client paid $13,300 for interest in advance (October 1, 2017, to September 30,2018 )