Exercise 3-50 Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for b. Prepaid 12 months' insurance on October 1 by paying $4,200. Prepaid insurance was debited. c. Purchased $5,250 of office supplies on October 15, debiting supplies i year on April 1 by paying $6,600. Prepaid rent was debited for the amount paid. sfor the full amount. There were no office supplies on hand as of October 1 Office supplies costing $1,085 remain unused at December 31, 2019. d. Paid $600 for a 12-month service contract for repairs and maintenance on a computer. The contract begins November 1. The full a mount of the payment was debited to prepaid repairs and maintenance. Required: 1. Prepare journal entries to record the payment of cash for each transaction. Apri 1 Prepaid Rent (Record prepayment for rent) Prepaid Insurance 4,200 Oct. 1 4,200 (Record the prepayment of insurance) Oct. 15 Supplies Cash 5,250 | 5,250 (Record the purchase of supplies) Next