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One of the offices in Amazing Goods building is rented out to Great Products Co. for $500 each month. On September 16, 2020, Great Products Co. paid for the rent from October through December of 2020 (income statements are issued quarterly). At the end of the year, Great Products Co. pays rent for another 6 months for January 1, 2021 to June 31, 2021.

Based on the fact above, make the appropriate adjusting journal entries.

579,920.00 8,000.00 24,000.00 26,750.00 16,370.00 8,000.00 2,200.00 870,000.00 300,000.00 1000 Cash and Equivalents 1010 Prepaid Insurance 1020 Raw Materials 1030 Goods in process 1040 Finished Goods 1050 Office Supplies 1060 Goodwill 1070 Building 1080 Accumulated Depreciation-Building 1090 Land 1100 Accounts Receivable 1110 Debt Investments 1120 Equity Investments 1130 Allowance for Doubtful Accounts 2000 Accounts Payable 2010 Accrued Expenses 2020 Unearned Revenue 2030 Warranty Liability 2040 Long-term Debt 3000 Common Stock 3010 Retained Earnings 3020 Preferred Stock 3030 Other Comprehensive Income (OCI) 820,000.00 340,000.00 8,250.00 6,750.00 10,000.00 83,200.00 0.00 1,500.00 55,000.00 498,000.00 1,278,500.00 320,650.00 180,950.00 14,540.000 788,820.00 0.00 6,000.00 5,000.00 506,000.00 1,400.00 4000 Sales Revenue 4010 Rent Revenue 4020 Sales Discounts Forfeited 4030 Interest Revenue 5000 Cost of Goods Sold 5010 Supplies Expense 5020 Insurance Expense 5030 Interest Expense 5040 Depreciation Expense 5050 Warranty Expense 5060 Wage Expense 5070 Bad Debt Expense 6000 Gain on Sale of Equipment 5,000.00 322,920.00 3,400.00 3,545,560.00 3,545,560.00

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