Sent It Pack'n Mail completed the following transactions during 2018: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize the transactions assuming that Sent It Pack'n Mail debits an asset account for prepaid expenses and credits a liability account for unearned revenues. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 1: Paid $6,000 store rent covering the four-month period ending February 28, 2019. Date Accounts and Explanation Debit Credit Nov. 1 - More Info at Nov. 1 Paid $6,000 store rent covering the four-month period ending February 28, 2019. 1 Paid $7,800 insurance covering the six-month period ending December 31, 2019. Dec. 1 Collected $12,000 cash in advance from customers. The service revenue will be earned $2,400 monthly over the five-month period ending April 30, 2019. 1 Collected $7,500 cash in advance from customers. The service revenue will be earned $1,500 monthly over the five-month period ending February 28, 2019. Requirements - X 1. Journalize the transactions assuming that Sent It Pack'n Mail debits an asset account for prepaid expenses and credits a liability account for unearned revenues. 2. Journalize the related adjusting entries at December 31, 2018. 3. Post the journal and adjusting entries to the T-accounts, and show their balances at December 31, 2018. (Ignore the Cash account.) 4. Repeat Requirements 1-3. This time, debit an expense account for prepaid expenses and credit a revenue account for unearned revenues. 5. Compare the account balances in Requirements 3 and 4. They should be equal