P3A-44B (similar to) Speedy Pack'n Mail completed the following transactions during 2016: Requirements xpenses and credits a liability account for uneamed revenues. 1. Joumalize the transactions assuming that Speedy debits an asset account for prepaid expenses and credits a liability account for unearned revenues. Journalize the related adjusting entries at December 31, 2016. Post the journal and adjusting entries to the T-accounts, and show their balances at December 31, 2016. (Ignore the Cash account.) Repeat Requirements 1-3. This time debit an expense account for prepaid expenses and credit a revenue account for unearned revenues Compare the account balances in Requirements 3 and 4. They should be equal. 2. 3. 4. 5. Print Done Nov. 1Paid $7,200 store rent covering the six-month period ending April 30, 2017 Nov. 1 Paid $6,000 insurance covering the four-month period ending February 28, 2017. Dec. 1Collected $3,200 cash in advance from customers. The service revenue will be earned $800 monthly over the four-month period ending March 31, 2017 Collected $6,000 cash in advance from customers. The service revenue will be earned $1,200 monthly over the five-month period ending April 30, 2017 Dec. 1