O G2 O eztomheducation.com/hm.tpx value: 8.33 points For each of the following t

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O G2 O eztomheducation.com/hm.tpx value: 8.33 points For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) a. Collected $2,400 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1 Paid $1.200 for a two-year insurance premium on October 1, and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1, for $48,000. The company estimates annual depreciation of $4,800 View transaction list Journal entry worksheet Record the rent revenue earned during October. Note: Enter debits before credits General Journal DebitCredit Transaction

Explanation / Answer

Solution:

Adjusting Journal Entries - Sky Blue Corporation Event Particulars Debit Credit a. Unearned revenue Dr $800.00            To Rent Revenue $800.00 (To record rent revenue for october) b. Insurance Expense Dr $50.00            To Prepaid Insurance $50.00 (To record insurance expense for october) c. Depreciation Expense Dr $400.00            To Accumulated depreciation - Machine $400.00 (To record depreciation expense for october)

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