Prepare the necessary adjusting entries at December 31, 2013 for XYZ Corporation for each of the following situations. Where no entry is necessary write "no entry". On December 20, 2013, XYZ received a $3,000 payment from a customer for services to be rendered early in 2014. Service revenue was credited. On August, 2013, collected $14,000 in advance rent from another company. The money represents one years rent and the entire amount was credited to rent revenue. Employee salaries of $10,000 for the month of December will be paid in early January 2014. On September 30, the corporation purchased an insurance policy covering 3 years for $15,000. The accountant debited the amount to insurance expense. Panda Corporation paid cash on $16,000 on July 1, 2013 for one years rent. The transaction was recorded with a debit to Prepaid rent