On september 1 of the current year, zimmerman collected six months' rent of $8,220 on storage space. at that date, zimmerman debited cash and credited unearned rent revenue for $8,220. on october 1 of the current year, the company borrowed $15,600 from a local bank and signed a one-year, 14 percent note for that amount. the principal and interest are payable on the maturity date. depreciation of $1,700 must be recognized on a service truck purchased in july of the current year at a cost of $15,000. cash of $5,700 was collected on november of the current year, for services to be rendered evenly over the next year beginning on november 1 of the current year. unearned service revenue was credited when the cash was received.