Adjusting entries. Reed Co. wishes to enter receipts and payments in such a manner that adjustments at the end of the period will not require reversing entries at the beginning of the next period. Record the following transactions in the indicated manner and give the adjusting entry on December 31, 2017. (Two entries for each part.) 1. An insurance policy for two years was acquired on April 1, 2017 for $24,000. 2. Rent of $15,000 for six months for a portion of the building was received on November 1, 2017