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 transaction/event, select "No Journal Entry Required" in the first account field.)
Collected $2, 700 rent for the period October 1 to December 31. which was credited to Unearned Revenue on October 1.
Paid $1, 440 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.
Used a machine purchased on October 1 for $49, 200.
The company estimates annual depreciation of $4, 920.
Record the rent revenue earned during October.
Record the insurance expense for October.
Record the depreciation for the month of October.