Journal entry worksheet Record the rent revenue earned during October.

The following are transactions for the Sky Blue Corporation: Collected $2,550 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. Paid $1,320 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. Used a machine purchased on October 1 for $48,600. The company estimates annual depreciation of $4,860.

Required: For each of the above 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.)