Adjustment for prepaid expense The prepaid insurance account had a beginning balance of $7,360 and was debited for $4,120 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,870. If an amount box does not require an entry, leave it blank.

2. On June 1, 20Y2, Monarch Co. received $52,180 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y2. Assume no previous adjustment has been made to Unearned Revenue during the year. Round your answers to the nearest dollar amount. If an amount box does not require an entry, leave it blank.

3. City Realty pays weekly salaries of $13,125 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday. Round your answers to nearest whole dollar. If an amount box does not require an entry, leave it blank.

4. For the year ending June 30, OKeefe Medical Services mistakenly omitted adjusting entries for (1) $7,000 of supplies that were used, (2) unearned revenue of $11,600 that was earned, and (3) insurance of $3,900 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended June 30.