On your own 21-2 Journalizing entries for deferrals The appropriate accounting forms are given in the Working Papers. After each journal entry, update the Taccounts given in the Working Papers, Work this problem independently. 1. Journalize the following transactions for Smythe Manufacturing. Nov. 1. Signed a contract to lease excess warehouse space to Fredrickson Company for six months. Received cash in advance, 59,000.00. R487. Dec. 31. Journalized the adjusting entry for rent earned. 2. Journalize the following transactions for Fredrickson Company, Nov. 1. Signed a contract to lease a warehouse from Smythe Manufacturing for six months. Paid cash in advance, 59,000.00. C212. Dec. 31. Journalized the adjusting entry for rent expense. 3. What is the balance in the Prepaid Rent account? What does it represent