Consider the following independent transactions:

On December 1, 2023, Pest Company collected $1,200 in advance for three months of rent on

some office space. It was credited in full to unearned rent revenue. Assuming the accounting year

ends December 31.

b.

Below are two related transactions for Tweet Corporation. The annual accounting period ends

December 31. For each date listed, give the required entry in journal format.

(i) October 1, 2023 - Tweet Corporation Borrowed $15,000 and signed a note providing for 10%

interest. The principal and interest are due in one veal (on September 30, 2024).

(li) December 31, 2023 - end of the annual accounting period. (If no entry is required, explain

why).

Requirements:

For each of the independent situations, prepare journal entries to record the initial originating

transaction and the adjusting journal entry required on their fiscal year end date of December 31.