Sapa Help Save a Check my work In each of the following transactions (a) through (a for Catena's Marketing Company, indicate the amounts and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Indicate for increase. - for decrease. (Reductions in account balances should be indicated with a minus sign.) Revenue on December 1 a. Collected $1.800 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent b. Purchased a machine for $47.000 cash on January 1. The company estimates annual depreciation at 54,900. c. Pald $2,400 for a two-year insurance premium on July 1 of the current year, debited Prepaid Insurance for that amount Balance Sheet Stockholders Liabilities Equity Income Statement Revenues Expenses Net Income Transaction Assets b C Homework Sed Help Chemy Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year. Required: 2. Prepare the required adjusting entry for transactions (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet