assume that on february 1 brown and smith paid 723 600 in advance for 2 years insura 459224

Assume that on February 1, Brown and Smith paid $723,600 in advance for 2 years’ insurance coverage. Prepare Brown and Smith February 1 journal entry and the annual adjusting entry on June 30

Correct?

Debit- Cash 723600
Credit- Unearned Rev. 723600

Debit- Rent Rev. 150750
Credit- Unearned Rev. 150750

LaBouche Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $2,838 received in advance. Prepare LaBouche’s November 1 journal entry and the December 31 annual adjusting entry. (Round answers to zero decimal places, e.g. 3,510.)

Correct?

Debit- Cash 2838
Credit- Unearned Rev. 2838

Debit- Rent Rev. 1892
Credit- Unearned Rev. 1892

When a corporation pays a note payable and interest,

Correct?