Give the journal entry to record each of the following transactions as well as any necessary adjusting entries on December 31, Year 3. Assume that that the firms use a calendar year accounting period and close their books on December 31. If no adjusting entry is needed, write "none needed".

The company rented out excess office space on October 1, Year 3. It received on that date the annual rental of $48,000 for the period from October 1, Year 3, to September 30, Year 4, and credited a liability account.

Original Entry Adjusting Entry

On March 1, Year 3, the company renewed its only insurance policy for another two years, beginning on that date, by paying the $6,600 two-year premium. It debited an asset account for the payment.

Original Entry Adjusting Entry

The company pays its property taxes for the year ending December 31, Year 3, of $12,000 on September 1, Year 3. It debited an expense account at the time of the payment.

Original Entry Adjusting Entry