Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the foll

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Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,270 of the prepaid rent had expired. b. Cash for insurance in the amount of $8,700 was paid in advance. The $8,700 was debited to prepaid insurance when paid. At year end, $1,900 of the prepaid insurance was still unused.