The following information for Ari Company is available on $30$ June $2023,$ the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for Ari Company for the month of June for each situation given. Appropriate adjusting entries have been recorded in previous months.

$1.$ Ari Company purchased a $2-$year insurance policy on $1$ March $2023$ and debited Prepaid Insurance for $5,040.$

$2.$ On $1$ January $2023,$ a tenant in an apartment building owned by Ari Company paid $11,160$ which represents nine months' rent in advance. The amount received was credited to the Unearned Rent account.