Required information For each of the following transactions for the Sky Blue Corporation: a. Collected $5,250 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $3,480 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $59,400. The company estimates annual depreciation of $5,940. Prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction General Journal Debit Credit 1 a 5250 Prepaid Rent Deferred Revenue 5,250 2 b 3,480 Prepaid Insurance Insurance Expense X 3,480 3 5,940 X Depreciation Expense Accumulated Depreciation O 5,940