Prepayments, vections in advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid Insurance. b. On May 1, Greensboro Properties received $41,040 for 1 year's rent from Angels Cottrel, a lawyer and new tenant. Greensboro Properties credited unearned rent revenue for the full amount collected from Cottrell c. On July 31, Greensboro Properties received $238,200 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. 2019. The full amount received was credited to unearned rent revenue. d. On November 1, Greensboro Properties paid $9,000 to Pinkerton Security for 3 months security services beginning on that date. The entire amount was debited to prepaid security services. 1. Prepare the journal entry to record the receipt or payment of cash for each of the transactions. March 1 May 1 (Record prepayment for insurance) July 31 (Record receipt of cash for rent) Nov. 1 (Record receipt of cash for rent) 0 0 (Record prepayment for services) eBook Show Me How 2. Prepare the adjusting entries you would make at December 31, 2019, for each of these items. a. Dec. 31 b. Dec. 31 C. Dec. 31 (Record insurance expense) (Record earned rent revenue) d. Dec. 31 (Record earned rent revenue) (Record use of 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. A b c. d. Revenues by s Expenses by s Net income by s Assets by s Liabilities by s Retained earnings by