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For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required
For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Collected exist4, 650 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1. b. Paid exist3,000 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for exist57,000. The company estimates annual depreciation of exist5, 700
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