On January 1, 2015, Zoom Inc. paid Bullet Co. $48,000 for 2 years worth of rent in advance.

Zoom Inc. prepares quarterly financial statements at the end of every March, June, September, and December. Provide the following for Zoom Inc. (Create a T-table) :

1. January 1, 2015 Initial transaction entries:

2. December 31, 2015, Adjusting entries:

3. If Zoom Inc. prepares financial statements only once a year, what would the adjusting entries on December 31, 2015?