Using the information in M4-5, prepare the adjusting journal entries required on December 31, 2012.
Information From M4-5
a. Collected $2,400 rent for the period December 1, 2012, to February 28, 2013, which was credited to Unearned Revenue on December 1, 2012.
b. Paid $1,200 for a two-year insurance premium on December 1, 2012, and debited Prepaid Insurance for that amount.
c. Used a machine purchased on December 1, 2012, for $48,000. The company estimates annual depreciation of $4,800.