Recording adjusting Journal Entries Prepare the adjusting journal entries require on December 31, 2012. (if no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Collected 52,400 rent for the period December 1, 2012, to February 28, 2013, which was credited to Unearned Revenue on December 1, 2012. Paid $1, 200 for a two-year insurance premium on December 1, 2012, and debited Prepaid Insurance for that amount. Used a machine purchased on December 1, 2012, for $48,000. The company estimates annual depreciation of $4,8000