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  1. business
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  3. for each of the following transactions (a) through

For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the...

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Accounting

For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry at the
end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was
incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
a. Collected $2,600 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 $47,000 cash on January 1. The company estimates annual depreciation at $3,700.
c. Paid $2,600 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that
amount.
Journal entry worksheet
Prepare the adjusting entry needed at December 31.
Collected $2,600 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.
Note: Enter debits before credits.
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