252Flms.meducation.com%252Fmgim... Saved Help Save & Exit Check my For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry. The process includes (1) determining if revenue was earned or an expense was incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Collected $1.200 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1 b. Purchased a machine for $32,000 cash on January 1. The company estimates annual depreciation at $3,200. c. Pald $5,000 for a two-year Insurance premium on July 1 of the current year, debited Prepaid Insurance for that amount View transaction list View journal entry worksheet No Transaction General Journal Unearned rent revenue Debit 1 a Credit 1.200 b. Supplies expense Depreciation expense Supplies 32,000 3,200 32.000 (Prey 1 of 12 III Next > vere to search o 12 3:54 PM WA 1 2 3 ecord the adjusting jour.al entry for the year ended December 31 related to ent. ote: Enter debits before credits Transaction General Journal Debit Credit a. Unearned rent revenue 1,200 Record entry Clear entry View general journal search F2 3 a A .com/ext/map/index Saved Te to search o search o cation.com/ext/map/index.html con&external_browser=0&launchUrl=https%253A%252F%252Fims.con.com%252Fmg/t. my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to quest In each of the following transactions through ( for Catena's Marketing Company, indicate the amounts and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement indicate + for increase, - for decrease. (Reductions in account balances should be indicated with a minus sign.) a. Collected $1.200 rent for the period December 1 of the current year to April 1 of next year, which was credited to Uneared Rent Revenue on December 1. b. Purchased a machine for $32,000 cash on January 1. The company estimates annual depreciation at $3,200. c. Pald $5,000 for a two-year Insurance premium on July 1 of the current year, debited Prepaid Insurance for that amount. Answer is not complete. Income Statement Transaction Assets Balance Sheet Liabilities Stockholders Equity + Revenues Expenses Net Income a b + % + 3 C .ere to search O RI 6 PM 20:30