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Question(s) / Instruction(s):

Admiral Rental Properties collected the following amount related to their rental properties during 2011.

Lease      Date                    Amount               Lease Term

A             Feb. 1                    $14,200 2 years

B             Mar. 1                   $ 9,000                  1 year

C             Oct. 1                    $ 2,000                  1 year

Required:

a.            Prepare journal entries to record these transactions.

b.            Prepare adjusting entries on December 31, 2011 for these leases.  

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