Ben Hallmark, the owner of Hallmark Surveying Services, has been in business for two years. The unadjusted trial balance at December 31, regarding the month just ended, follows: The following additional information is available on December 31, 2014:
a. Depreciation on the equipment for the month was $430.
b. $9,600 of the balance in Unearned Surveying Fees is unearned at December 31.
c. The balance in Prepaid Rent is for six months of rent beginning December 1.
d. Accrued wages at month-end were $12,400.
e. December's interest in the amount of $120 had accrued on the notes payable.
f. Accrued surveying fees at month-end totalled $21,800.
g. The balance in Prepaid Advertising covers four months of advertising beginning December 15.
h. A count of the supplies on December 31 showed $1,320 had been used.
i. The December electricity bill for $2,340 was received on December 31. It is unrecorded and unpaid.
Required
Prepare adjusting journal entries for the month ended December 31, 2014, based on the above.
Analysis Component: Explain the differences between Accumulated Depreciation and Depreciation Expense.