b. On May 1. Greensboro Properties received $26,400 for 1 year's rent from Angela Cottred, a lawyer and new tenant, Oreensboro Properties credited uneamed rent revenue for the full amount collected from Cottrell c. On July 31. Greensboro Properties received 5186,000 sor 6 months' ront on an office bulding that is occupied by Newrian and Cakhoun, a regional accounting firm. The rental period begins on August 1. The full amount received was crediled to uneamed rent revenue, d. On November 1. Greensboro Properties paid $6,000 to Pinkerton Secuetfy for 3 months' secutify services beginning con that date. The entire amount was debited to prepaid security services. Required: 1. Prepare the joumal entry to record the receipt or payment of cash for each of the transactions. 2. Propare the adjusting entries you would make at December 31 for each of these ifems. 3. Conceptivat Connection: What would be the fotal effoct on the income stafement and bafance sheet if these entries were not recorded? 3. Conceptras Connection: What would be the fotal eflect on the insorme statement and batance sheot if these entries were not recoided? a. If this entry was not made, expenses would and assets would b. If this entry was not made, revenues would and llabilties would c. If this entry was not made, revenues would. and liabilities would d If this entry was not made, expenses would and assets would d. If this entry was not made, expenses would and assets would The cumulative effect on the income statement and balance sheet would be: - That revenues would be by - That expenses would be by - That net income would be b) - That assets would be by - That liabilities would be by - That retained earnings would be by Instructions Chart of Accounts General Journal Adjusting Entries Final Question General Journal Adjusting Entries General Journal instructions Greensboro Properties inc owns a bulding in which it leases ofice space to small businesses and professionals. During the year, Greensboro Properties engaged in the following transactions: 3. On March 1, Greensboro Properties paid $9,600 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1. The full amount of the prepayment was debiled to prepaid insurance. b. On May 1, Greensboro Properties received $26,400 for 1 year's rent from Angela Cottrell, a lanyer and new tenant. Greensboro Propertes credised unearned rent revenue for the full amount collected from Cottrell. c. On July 31. Greensboro Properties received $186,000 for 6 months' rent on an office bulding that is cocupied by Newnan and Cahoun, a regional acoounting firm. The rental period begins on August 1. The full amount received was credited to uneamed rent revenue. d. On November 1, Greensboro Properties paid $6,000 to Pinkerton Security for 3 months' secunty services beginning cn that date. The entire amount was debited to prepaid secunty services