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

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Accounting

In each of the following transactions (a) through (c) for Catena's Marketing Company, indicate the effect of the adjusting entry on the elements of the balance sheet and income statement. Note: Reductions in account balances should be indicated with a minus sign.

  1. 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.
  2. Purchased a machine for $32,000 cash on January 1. The company estimates annual depreciation at $3,200.
  3. Paid $5,000 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount.
Transaction Balance Sheet Income Statement
Assets Liabilities Stockholders Equity Revenues Expenses Net Income
a.
b.
c.

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