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For each of the following transactions for the Sky blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on December 31, 2009:
1. Collected $1,200 rent for the period December 1, 2009, to February 28, 2010, wich was credited to Unearned Rent Revenue on December 1, 2009.
2. Paid $ 2,400 for a two-year insurance premium on December 1, 2009; debited Prepaid Insurance for that amount.
3. Used a machine purchased on December 1, 2009, for $48,000. The company estimates annual depreciation of $4,800.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973343

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