On February 1, Williams Storage agreed to rent Haka Manufacturing warehouse space for $4,000 per month. Haka Manufacturing paid the first three months’ rent in advance.

  1. Prepare the necessary adjusting entry for Haka Manufacturing on February 28, assuming it recorded the expenditure on February 1 as Prepaid Rent.
  2. Prepare the necessary adjusting entry for Williams Storage on February 28, assuming it recorded Haka Manufacturing’s payment as Unearned Rent Revenue.
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