M$4-4($Algo$)$ Recording Adjusting Entries $($Deferred Accounts$)$ LO$4-1$

Prepare adjusting entries as of December $31$ of the current year for the following transactions. Assume all previous journal entries were recorded correctly.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Collected $$2,200$ rent for the period December $1$ of the current year to April $1$ of next year, which was previously credited to Unearned Rent Revenue on December $1.$

Purchased supplies for $$49,000$ cash and correctly recorded the transaction on January $1.$ So far, $$3,800$ of the supplies have been used up$.$

Paid $$2,900$ for a two$-$year insurance premium on July $1$ of the current year. Correctly recorded the transaction by debiting Prepaid Insurance on July $1.$View transaction list

$1$ Prepare the adjusting entry needed at December $31.$ Collected $$2,200$ 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 $1.$

rent for ch was

$2$ Prepare the adjusting entry needed at December $31.$ Purchased supplies for $$49,000$ cash on January $1.$ So far, $$3,800$ of the supplies have been used up$.$

$3$ Prepare the adjusting entry needed at December $31.$ Paid $$2,900$ for a two$-$year insurance premium on July $1$ of the current year; debited Prepaid Insurance for that amount.