Divteks Variety Store is completing the accounting process for the year just ended on December 31, 2017 The transactions during 2017 have been journalized and posted The following data with respect to adjusting entries are available a Wages earned by employees during December 2017, unpaid and unrecorded at December 31, 2017, amounted to $3,200 The last payroll was December 28 the next payroll will be January 11, 2018 b Office supplies inventory at January 1, 2017, was $610 Office supplies purchased and debited to office supplies inventory during the year amounted to $400 The year end count showed $369 of supplies on hand c One fourth of the basement space is rented to Healds Specialty Shop for $540 per month, payable monthly On December 31, 2017, the rent for November and December 2017 had not been collected or recorded Collection is expected January 10, 2018 d The store used delivery equipment that cost $73,500 the estimated depreciation for 2017 was $14,700 e On July 1, 2017, a two year insurance premium amounting to $3,360 was paid in cash and debited in full to prepaid insurance Coverage began on July 1, 2017 f The remaining basement space of the store is rented for $1,390 per month to another merchant, M Carlos Inc Carlos sells compatible, but not competitive, merchandise On November 1, 2017, the store collected six months rent in the amount of $8,340 in advance from Carlos it was credited in full to deferred rent revenue when collected g Divteks Variety Store operates a repair shop to meet its own needs The shop also does repairs for M Carlos At the end of December 31, 2017, Carlos had not paid $610 for completed repairs This amount has not yet been recorded as repair shop revenue Collection is expected during January 2018 Required 1 Identify each of these transactions as a deferred revenue, deferred expense, accrued revenue, or accrued expense 2 Prepare for each situation the adjusting entry that should be recorded for Divteks Variety Store at December 31, 2017 (Do not round intermediate calculations If no entry is required for a transaction event, select No journal entry required in the first account field )

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Divteks Variety Store is completing the accounting process for the year just ended on December 31, 2017. The transactions during 2017 have been journalized and

Divteks Variety Store is completing the accounting process for the year just ended on December 31, 2017. The transactions during 2017 have been journalized and posted. The following data with respect to adjusting entries are available:

a.	Wages earned by employees during December 2017, unpaid and unrecorded at December 31, 2017, amounted to $3,200. The last payroll was December 28; the next payroll will be January 11, 2018.
b.	Office supplies inventory at January 1, 2017, was $610. Office supplies purchased and debited to office supplies inventory during the year amounted to $400. The year-end count showed $369 of supplies on hand.
c.	One-fourth of the basement space is rented to Healds Specialty Shop for $540 per month, payable monthly. On December 31, 2017, the rent for November and December 2017 had not been collected or recorded. Collection is expected January 10, 2018.
d.	The store used delivery equipment that cost $73,500; the estimated depreciation for 2017 was $14,700.
e.	On July 1, 2017, a two-year insurance premium amounting to $3,360 was paid in cash and debited in full to prepaid insurance. Coverage began on July 1, 2017.
f.	The remaining basement space of the store is rented for $1,390 per month to another merchant, M. Carlos Inc. Carlos sells compatible, but not competitive, merchandise. On November 1, 2017, the store collected six months rent in the amount of $8,340 in advance from Carlos; it was credited in full to deferred rent revenue when collected.
g.	Divteks Variety Store operates a repair shop to meet its own needs. The shop also does repairs for M. Carlos. At the end of December 31, 2017, Carlos had not paid $610 for completed repairs. This amount has not yet been recorded as repair shop revenue. Collection is expected during January 2018.

Required:
1.	Identify each of these transactions as a deferred revenue, deferred expense, accrued revenue, or accrued expense.

2.	Prepare for each situation the adjusting entry that should be recorded for Divteks Variety Store at December 31, 2017. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)