ty 5.a - Journalizing Adjusting Transactions nalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check! spelling carefully and do not abbreviate. Use account names exactly as given in the Chart of Accounts. Completed services that were paid for six months earlier, $1,700. Date Accounts and Explanation Dec unearned service revenue Debit Credit service revenue Rent for the year was prepaid on January 1 in the amount of $1,320. Record the transaction for December's rent that has expired. Accounts and Explanation Debit Credit renew preparet Insurance for the next six months was paid on November 1st in the amount of $1.440 Record the journal entry for the two months of insurance expired at year-end. Date Accounts and Explanation Debit Credit