On February 1, Watson Storage agreed to rent Hillbourne Manufacturing warehouse space for $175 per month. Hillbourne Manufacturing paid the first three months’ rent in advance.
a. Prepare the necessary adjusting entry for Hillbourne Manufacturing on February 28, assuming it recorded the expenditure on February 1 as Prepaid Rent.
b. Prepare the necessary adjusting entry for Watson Storage on February 28, assuming it recorded Hillbourne Manufacturing’s payment as Unearned Rent Revenue.
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