P3-52. Preparing Entries Across Two Periods The following selected accounts appear in Zimmerman Company's unadjusted trial balance at December 31, 2018, the end of its fiscal year (all accounts have normal balances). Prepaid maintenance ............ $2.700 Commission revenue ............ $84,000 Supplies ...................... 8,400 Rent expense................. 10.800 Performance obligations.......... 8,500 Additional information is as follows. 1. On September 1, 2018, the company entered into a prepaid equipment maintenance contract. Zimmerman Company paid $2,700 to cover maintenance service for 6 months, beginning September 1, 2018. The $2,700 payment was debited to Prepaid Maintenance. 2. Supplies available on December 31 are $3,200. 3. Performance obligations at December 31 are $4,000, 4. Commission revenue earned but not yet billed at December 31 are $2.800. (Hint: Debit Commissions Receivable.) Zimmerman Company's lease calls for rent of $900 per month payable on the first of each month, plus an annual amount equal to 1% of annual commission revenue. This additional rent is payable on January 10 of the following year. (Hint: Use the adjusted amount of commission revenue in computing the additional rent.) REQUIRED a. Prepare Zimmerman Company's adjusting entries at December 31, 2018, using the financial statement effects template. b. Prepare entries on January 10, 2019, using the financial statement effects template to record (1) the billing of $4,600 in commissions earned (which includes the $2,800 of commissions earned but not billed at December 31) and (2) the cash payment of the additional rent owed for 2018. (Hint for part (1): Zimmerman Company has two receivable accounts Commissions Receivable is used for amounts earned, but not yet billed, and Accounts Receivable for amounts that are earned and billed to the customer.) c. Prepare the adjusting entries from part a and the transactions in part b in journal entry form