Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2017 year-end.
a. On October 1, 2017, Dr. Chan prepaid $8,000 for four months of rent.
b. On November 1, 2017, Dr. Chan prepaid $480 to renew the clinic’s magazine subscriptions. The subscription is for one year.
c. On December 1, 2017, Dr. Chan pays $3,000 for supplies. At the end of the year, $2,000 of supplies had not been used.

Required 

For each transaction, record the initial journal entry and the adjusting entry required on December 31, 2017.