Vissar Foods has the following balances in selected accounts on December 31, 2020.

Service Revenue................................. €40,000
Insurance Expense................................. 2,400
Supplies Expense.................................... 2,450

All the accounts have normal balances. Vissar Foods debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020.
1. Vissar Foods paid €2,400 for 12 months of insurance coverage on June 1, 2020.
2. On December 1, 2020, Vissar collected €40,000 for consulting services to be performed from December 1, 2020, through March 31, 2021.
3. A count of supplies on December 31, 2020, indicates that supplies of €600 are on hand.

Instructions
Prepare the annual adjusting entries needed at December 31, 2020.