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Greensboro Properties Inc, owns a building in which it leases office space to small businesses and professionals. During the year, Groonsboro Properties engaged in the

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Greensboro Properties Inc, owns a building in which it leases office space to small businesses and professionals. During the year, Groonsboro Properties engaged in the following transactions On March 1, Greensboro Properties paid $10,500 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1. The full amount of the propayment was debited to prepaid insurance On May 1, Greensboro Properties received $20,400 for 1 year's rent from Angela Controll, a lawyer and new tenant Greensboro Properties credited uneared cont revenue for the full amount collected from Cottrell On July 31, Greensboro Properties received $222,000 for 6 months' rent on an office building that is occupied by Newnan and Chilhoun, a regional accounting firm. The rental period begins on August 1. The full amount received was credited to unearned rent revenue d. On November 1, Greensboro Properties paid $3,900 to Pinkorton Security for 3 months security services beginning on that date. The entire amount was debited to prepaid security Services Required: 1. Prepare the journal entry to record the receipt or payment of cash for each of the transactions 2. Prepare the adjusting entries you would make at December 31 for each of these items 3. Conceptual Connection: What would be the total effect on the income statement and balance sheet if these entries were not recorded? 3. Conceptual Connection: What would be the total effect on the income statement and balance sheet if these entries were not recorded? a. If this entry was not made expenses would and assets would b. If this entry was not made, revenues would and liabilities would c. If this entry was not made, revenues would and liabilities would d. If this entry was not made, expenses would and assets would The cumulative effect on the income statement and balance sheet would be . That revenues would be by $ That expenses would be by $ That net income would be by That assets would be by $ . That liabilities would be by $ . That retained earnings would be by S

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