Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for 1 year on April 1 by paying $6,564. Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $3,984. Prepaid insurance was debited. C. Purchased $5,500 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as of October 15. Office supplies costing $1,085 remain unused at December 31, 2019. d. Paid $492 for a 12-month service contract for repairs and maintenance on a computer. The contract begins November 1. The full amount of the payment was debited to prepaid repairs and maintenance. Required: 1. Prepare journal entries to record the payment of cash for each transaction. April 1 (Record prepayment for rent) Oct. 1 o o (Record the prepayment of insurance) Oct. 15 Activate Window