Selected transactions of Ventura Corporation are presented below:
March 1 -Received $\$ 9,000$ in payment for 6 months advance rent from Franken Company and recorded it as rent revenue. May 1 -Paid Acme Insurance $\$ 6,000$ for a 2-year liability policy and recorded it as insurance expense. Policy begins on May 1. June 1 -Received $\$ 5,400$ from Kennedy Corporation as an advance payment for a 6 -month advertising contract and recorded it as advertising revenue. Contract begins on June 1 . Required: Prepare the adjusting entries that would be required on June 30.

Question

Selected transactions of Ventura Corporation are presented below:
 March 1 -Received $\$ 9,000$ in payment for 6 months advance rent from Franken Company and recorded it as rent revenue. May 1 -Paid Acme Insurance $\$ 6,000$ for a 2-year liability policy and recorded it as insurance expense. Policy begins on May 1. June 1 -Received $\$ 5,400$ from Kennedy Corporation as an advance payment for a 6 -month advertising contract and recorded it as advertising revenue. Contract begins on June 1 . Required: Prepare the adjusting entries that would be required on June 30.

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The Answer of Selected transactions of Ventura Corporation are presented below:
 March 1 -Received $\$ 9,000$ in payment for 6 months advance rent from Franken Company and recorded it as rent revenue. May 1 -Paid Acme Insurance $\$ 6,000$ for a 2-year liability policy and recorded it as insurance expense. Policy begins on May 1. June 1 -Received $\$ 5,400$ from Kennedy Corporation as an advance payment for a 6 -month advertising contract and recorded it as advertising revenue. Contract begins on June 1 . Required: Prepare the adjusting entries that would be required on June 30.

Selected Transactions of Ventura Corporation Are Presented Below: March $9,000\$ 9,000$9,000

Selected Transactions of Ventura Corporation Are Presented Below:
March $\$ 9,000$