Problem 4 Manning, Co. collected 6-months' rent in advance from a tenant on November 1 of the current year. When it collected the cash, it recorded the following entry: Nov. 01 Cash Rent Revenue Earned. 15,000 15,000 Prepare the required adjusting entry at December 31 of the current year. Problem 5 On October 1 of the current year, Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day. On the date of the payment, Morton recorded the following entry: Oct. 01 Insurance Expense. Cash. 9,600 9,600 Prepare the required adjusting entry at December 31 of the current year.