USA ACC 340 help-adjusting entries

[Hayleigh]

I am having a difficult time making adjusting entries click in my head.
Question from an assignment.
A. On October 31, 2015, ABC received a $15,000 advance payment from a customer for services to be performed evenly over the next 15 months. The original entry was credited to a real account.

B. On September 1, 2015, ABC paid $12,720 for a four-year insurance policy. ABC debited a nominal account at that time.
For your account titles, choose from:

Service Revenue

Unearned Revenue

Insurance Expense

Prepaid Insurance

What would be the adjusting entries for both?

Also,
If ABC did not do either of the adjusting entries associated with Transactions A and B (from the above information) on December 31, 2015, determine the cumulative effect of all errors on assets, liabilities and equity at December 31, 2015.

Answer Format: Use O for overstated, U for understated, and NE for No Effect. Do not space between the O/U/NE and the dollar amount of the error. (Example: If Assets are Over by $2,000, record your answer as O2000)
Assets Liabilities Equity Net Income ('15)

 

[Triest123]

The adjusted entries made on 31 Dec 2015 as follow

A.) Dr Unearned Revenue (15,000 x 2/15) 2,000
Cr Service Revenue 2,000
Being recognised the service revenue for the period 1 Nov - 31 Dec 2015

B) Dr Prepaid Insurance (12,720 x 44/48) 11,660
Cr Insurance Expense 11,660
To record the perpaid insurance for the period 1 Jan 2016 - 31 Aug 2019


* For the second part, do it by yourself