Reed Co. records accounting transactions and events during the period and makes adjustments at the end of the period. Record the following transactions in the indicated manner and give the adjusting entry on December 31, 2019. (Two entries for each question.)

1) An insurance policy for two years was acquired on April 1, 2019 for $18,000.

2) Rent of $12,000 for six months for a portion of the building was received on November 1, 2019.