Prepayments, Collections in Advance

Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During the year, Greensboro Properties engaged in the following transactions:

1. On March 1, Greensboro Properties paid $9,960 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1. The full amount of the prepayment was debited to prepaid insurance.
2. On May 1, Greensboro Properties received $36,720 for 1 years rent from Angela Cottrell, a lawyer and new tenant. Greensboro Properties credited unearned rent revenue for the full amount collected from Cottrell.
3. On July 31, Greensboro Properties received $243,000 for 6 months rent on an office building that is occupied by Newnan and Calhoun, a regional accounting firm. The rental period begins on August 1. The full amount received was credited to unearned rent revenue.
4. On November 1, Greensboro Properties paid $5,100 to Pinkerton Security for 3 months security services beginning on that date. The entire amount was debited to prepaid security services.

3. Conceptual Connection: What would be the total effect on the income statement and balance sheet if these entries were not recorded? Input all amounts as positive values.