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Your answer is partially correct.
A review of the ledger of Cullumber Company at December 31, 2022, produces these data pertaining to
the preparation of annual adjusting entries.
1. Prepaid Insurance $18,830. The company has separate insurance policies on its buildings and its
motor vehicles. Policy B4564 on the building was purchased on July 1, 2021, for $9,960. The policy
has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2022, for $10,530.
This policy has a term of 18 months.
2. Unearned Rent Revenue $451,590. The company began subleasing office space in its new building
on November 1. At December 31, the company had the following rental contracts that are paid in
full for the entire term of the lease.
Number