Answer the following questions about prepaid expenses: On December 1, River and Valey 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 postal amounts to the two accounts involved, and show their balances at December 31. River and Valley adjust the accounts only at December 31, the end of its fiscal year. b. On December 1, River and Valley Tree Service paid $1,050 for supplies. At December 31, River and Valley 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, River and Valley 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 pou amounts to the two accounts involved, and show their balances at December 31. River and Valley adjust the counts 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 Accounts and Explanations Debit Credit Dec 31 Rent Expense 1000 Date