Pact Sales and Servce completed the folowing iransactions during 2023 Aug 31 Paid 521,000 gtore rent covering the socmonth period esding Fobruary 29,2024 Dec 1 Collectod $6,000 cash int atvince trom customers The service revenuo oamed wis be $1,650 each month over the four-month period anding March 31,2024 Reguired Requirement 1. Journalice these entres by debiting an asset account for Prepod Rent and by croditing a babeity account for Uaearned Service Revenise Euplanations are not roqu then credits.) Begin ty recording the Augurt 31 entry by dobitng an asset account for Piepeig Rent Pact Sales and Service completed the following transactions during 2023 Aug 31 Paid $21,000 stote rent covering the sox-month period ending February 29,2024 Dec. 1 Colsected $6,600 cash in advance from customers. The service revenue eamed will be $1,650 each month over the four-month penod ending Resuiced Requirement 2. Journalice the related adpistments at December 31,2023 Explanations are not requied (Record debits first, then credits.) Journalize the adjustment relaled to the Prepaid Rent account at December 31,2023 box empty, do not enter 7o - The beginnith balances have been entered sar you Pact Sales and Service compheted the lolluwing transactions durng 2003: As 31. Painset 000 stre terk covering the tx monh periog endigg Fetruary 29.2024 Reguted Joumalize the adjustment related to the Rent Expense account at December 31,2023 . gicerated? de not enter "6. "The peginning balances hare bees entered for yeu Required 1. Journalize these entries by debiting an asset account for Prepaid Rent and by crediting a liability account for Unearned Service Revenue. Explanations are not required 2. Journalize the related adjustments at December 31,2023 Explanations are not required 3. Post the entries to the T-accounts, and show their balances at December 31 , 2023 4. Repeat requirements 1 through 3. This time, debit Rent Expense for the rent payment and credit Service Revenue for the collection of revenue in advance 5. Compare the account balances in requirements 3 and 4