Answer the following questions about prepaid expenses a. On October 1, Sky and Ocean Tree Service prepaid $3,000 for six months rent. Give the adjusting entry to record rent expense at October 31. Include the date of the entry and an explanation Then post all amounts to the two accounts involved, and show their balances at October 31. Sky and Ocean adjusts the accounts only at October 31, the end of its fiscal year. b. On October 1, Sky and Ocean Tree Service paid $1,000 for supplies. At October 31, Sky and Ocean has $800 of supplies on hand. Make the required journal entry at October 31. Then post all amounts to the accounts and show their balances at October 31. Assume no beginning balance in supplies. a. On October 1, Sky and Ocean Tree Service prepaid $3.000 for six months' rent. Give the adjusting entry to record rent expense at October 31. Include the date of the entry and an explanation Then post all amounts to the two accounts involved, and show their balances at October 31. Sky and Ocean adjusts the accounts only at October 31, the end of its fiscal year Prepare the adjusting journal entry to record the rent expense at October 31. (Record debts first, then credits. Select the explanation on the last line of the journal entry table) Date Oct 31 Journal Entry Accounts and Explanations Debit Credit