Hi, I'm confused about how it get the 0.5 year for the #1 and 2 months #4. Maybe I get help to explain me a little bit. Thank you!

Prepare the necessary adjusting entries for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show transcribed image text Expert Answer Anonymous answered this 10,548 answers Was this answer helpful? The following will be the adjusting entries; Sno Date Account Debit credit 1 Prepaid insurance 9,600 Dec 31 2021 Insurance expense 9,600 (amount =$11,520/3 years* 0.5 year =>$1,920..since insurance expense is already debited we need to credit it now with $11,520 1920=>$9,600) Depreciation expense 11,750 2 dec 31 Accumulated depreciation equipment 11,750 3 Salary expense 15,500 dec 31 Salary payable 15,500 4 interest expense 3,400 dec 31 interest payable 3,400 (amount = 170,000*12% interest 2 months / 12 months) 5 Deferred rent revenue 1,800 dec 31 Rent revenue 1,800 (amount = $5400/3 months = $1800) 6 Rent revenue 3600 Dec 31 Deferred rent revenue 3600 (working: Deferred revenue should have been credited earlier with 5400. since one month chegg.com/homework-help/questions-and-answers/following-transactions occurred-december-31-2021-falwel B! Apps YouTube Yahoo PayPal: Summary 1 SDSU | Authenticati... a Your Orders O Buy & Sell Locally = Chegg Study Textbook Solutions Expert Q&A Practice w Question: The following transactions occurred during December 31, 202 See this question in the app The following transactions occurred during December 31, 2021, for the Falwell Company 1 A three-year fire insurance policy was purchased on July 1, 2021, for $11,520. The company debited insurance expense for the entire amount 2. Depreciation on equipment totaled $11,750 for the year 3. Employee salaries of $15,500 for the month of December will be paid in early January 2022 4. On November 1, 2021, the company borrowed $170,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022 5. On December 1, 2021, the company received $5,400 in cash from another company that is renting office space in Falwell's building. The payment, representing rent for December, January, and February was credited to deferred rent revenue. 6. On December 1, 2021, the company received $5,400 in cash from another company that is renting office space in Falwell's building. The payment, representing rent for December, January, and February was credited to rent revenue rather than deferred rent revenue for $5,400 on December 1, 2021. Prepare the necessary adjusting entries for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show transcribed image text Expert Answer Was this answer helpful? 150 Anonymous answered this 10,548 answers The following will be the adjusting entries: Debit credit Sno Date Account 9,600 1 Prepaid insurance Dec 31 2021 9,600 Insurance expense (amount =$11,520/3 years* 0.5 year =>$1,920. since insurance expense is already debited we need to credit it now with $11,520 - 1920 => $9,600) 11,750 2 dec 31 Depreciation expense 11,750 Accumulated depreciation equipment 15,500 3 Salary expense dec 31 15,500 Salary payable 3,400 4 interest expense dec 31 3,400 i terort powable