Deferral (Prepayment) Adjustments. For each of the following independent situations, prepare journal entries to record the initial transaction and the adjustment required on March 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Magnificent Magazines received $12,000 on January 1, 2018, for subscription services related to magazines that will be published and distributed from January through December 2018. b. Walker Window Washing paid $1,200 cash for supplies on January 10, 2018. As of March 31, 2018, $300 of these supplies remained on hand. c. Hockey Helpers paid $6,000 cash on February 15 to rent an arena for the months of March, April, and May. d. Risky Ventures paid $1,800 on January 1 for two years of insurance coverage from January 2018 to December 2019. e. Rosie's Landscaping purchased a machine on January 1 for $48,000. The company estimates annual depreciation of $4,800. View transaction list View journal entry worksheet No Date General Journal 1 Jan. 1 Debit Credit 12,000 12,000