Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,700 ($1,900/month).

Required:

• 1.&2. Record the necessary entries in the Journal Entry Worksheet below.

• 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0).

Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet