Presbo Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work.
1. Record (a) the prepayment of insurance on December 1 and (b) the adjusting journal entry for prepaid insurance on December 31.
2. Record (a) the advance payment from B&B and (b) the adjusting journal entry to unearned revenue on December 31.