In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process Illustrated in the chapter to record only the adjusting entry at the end of the current year. The process includes (1) determining if revenue was earned or an expense was incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) a. Collected $1,400 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 $38,000 cash on January 1. The company estimates annual depreciation at $4,600. c. Paid $3,700 for a two-year Insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount. View transaction list Journal entry worksheet 1 2 3 Record the adjusting journal entry for year-end December 31 of the current year related to rent. Note: Enter debits before credits. Transaction a. explanation General Journal Debit Credit Record entry Clear entry View general journal 3. Record the closing entry. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 1 Record closing entry to transfer revenues and expenses to income summary. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal