For each of the following transactions $($a$)$ through $($c$)$ for Catena's Marketing Company, prepare the adjusting entry at the

end of the current year, December $31.$ The process includes $(1)$ determining if revenue was earned or an expense was

incurred and $(2)$ determining whether cash was received or paid in the past or will be received or paid in the future.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

a$.$ Collected $$2,600$ rent for the period December $1$ of the current year to April $1$ of next year, which was credited to

Unearned Rent Revenue on December $1.$

b$.$ Purchased a machine for $$47,000$ cash on January $1.$ The company estimates annual depreciation at $$3,700.$

c$.$ Paid $$2,600$ for a two$-$year insurance premium on July $1$ of the current year; debited Prepaid Insurance for that

amount.

Journal entry worksheet

Prepare the adjusting entry needed at December $31.$

Collected $$2,600$ rent for the period December $1$ of the

current year to April $1$ of next year, which was credited

to Unearned Rent Revenue on December $1.$

Note: Enter debits before credits.