Answer the following questions about prepaid expenses: a. On December 1, Air and Sea Tree Service prepaid $6,000 for six months' rent. Give the adjusting entry to record rent expense at December 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances t December 31. Air and Sea adjusts the accounts only at December 31, the end of its fiscal year b. On December 1, Air and Sea Tree Service paid $1,000 for supplies. At December 31, Air and Sea has $400 of supplies on hand. Make the required journal entry at December 31. Then post all amounts to the accounts and show their balances at December 31. Assume no beginning balance in supplies. a. On December 1, Air and Sea Tree Service prepaid $6,000 for six months' rent. Give the adjusting entry to record rent expense at December 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at December 31. Air and Sea adjusts the accounts only at December 31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations Debit Credit Dec 31 Post the December 1 and 31 transactions to the following T-accounts. Be sure to calculate the ending balance of the accounts. Prepaid Rent Rent Expense Dec Dec Dec Dec Bal Bal b. On December 1, Air and Sea Tree Service paid $1,000 for supplies. At December 31, Air and Sea has $400 of supplies on hand. Make the required joumal entry at December 31. Then post all amounts to the accounts and show their balances at December 31. Assume no beginning balance in supplies. Prepare the adjusting journal entry to record the supplies expense at December 31. Journal Entry Accounts and Explanations Date Debit Credit Dec 31 Post the December 1 and 31 transactions to the following T-accounts. Be sure to calculate the ending balance of the accounts. Supplies Supplies Expense Dec Dec Dec Dec Bal Bal