Adjusting Entries: When the accounts of Upside Down Inc. are examined,
the adjusting data listed below are uncovered on December 31, the end of
annual fiscal period. The prepaid insurance account shows a debit of
$6,000, representing the cost of a 2-year fire insurance policy dated
August 1 of the current year. On November 1, Rental Revenue was credited
for $3,600, representing revenue from a sub-rental for a 3-month period
beginning on that date. Interest of $770 has accrued on notes payable.
You are to prepare the missing adjusting entry. For each journal entry
write Dr. for debit and Cr. for credit.