Answer the following questions about prepaid expenses: a. On March 1, High and Low Tree Service prepaid $2,400 for six months' rent. Give the adjusting entry to record rent expense at March 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at March 31. High and Low adjusts the accounts only at March 31, the end of its fiscal year. b. On March 1, High and Low Tree Service paid $950 for supplies. At March 31, High and Low has $400 of supplies on hand. Make the required journal entry at March 31. Then post all amounts to the accounts and show their balances at March 31. Assume no beginning balance in supplies. a. On March 1, High and Low Tree Service prepaid $2,400 for six months' rent. Give the adjusting entry to record rent expense at March 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at March 31. High and Low adjusts the accounts only at March 31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at March 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations Mar 31 Debit Credit