3A38A similar to Friendly Faces Packn Mail completed the fol

3A-38A (similar to) Friendly Faces Pack\'n Mail completed the following transactions during 2016: Requirements repaid expenses and credits a liability account for uneamed revenues. (R 1. Journalize the transactions assuming that Friendly Faces debits an asset account for prepaid expenses and credits a liability account for unearned revenues. Journalize the related adjusting entries at December 31, 2016. 2. 3. Post the journal and adjusting entries to the T-accounts, and show their balances at 4. Repeat Requirements 1-3 This time debit an expense account for prepaid expenses and 5. Compare the account balances in Requirements 3 and 4. They should be equal. December 31, 2016. (ignore the Cash account.) credit a revenue account for unearned revenues. Print Done Nov. 1 Paid $3,600 store rent covering the three-month period ending January 31, 2017. Nov. 1 Paid $10,800 insurance covering the six-month period ending April 30, 2017 Dec. 1 Collected $14,400 cash in advance from customers. The service revenue will be eaned $2,400 monthly over the six-month period ending May 31, 2017 Collected $4,000 cash in advance from customers. The service revenue will be eamed $1,000 monthly over the four- Dec. 1 month period ending March 31, 2017

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Journal Enteries
Date	Particulars	Debit	Credit
1-Nov	Prepaid Rent A/c Dr	$3,600.00
	To Cash A/c		$3,600.00
	(Being rent paid from Nov\'16 to Jan\'17)
1-Nov	Prepaid insurance A/c Dr	$10,800.00
	To Cash A/c		$10,800.00
	(Being Insurance paid from Nov\'16 to Apr\'17)
1-Dec	Cash A/c Dr	$14,400.00
	To Unearned Revenue A/c		$14,400.00
	(Being cash received for revenue for period Dec\'16 to May\'17)
1-Dec	Cash A/c Dr	$4,000.00
	To Unearned Revenue A/c		$4,000.00
	(Being cash received for revenue for period Dec\'16 to Mar\'17)