01.16 3:13 R 19 4646 63% CHAPTER 5 END OF CHAPTER ASSESSMENT General Instruction: 1. Write your answers on a piece of paper, therefore, all answers should be handwritten. Don't forget to write your name, year, and block. 2. Avoid erasures and make sure your answers are in readable form. 3. Scan your answers and submit them to Google Classroom. 4. Only one (1) file must be submitted. Problem (15 points) Prepare the adjusting entry for Christine Gamba Company under each of the following for the year ending, December 31, 2021: a. Paid 24,000 for a 1-year fire insurance policy to commence on September 1. The amount of premium was debited to Prepaid Insurance. b. Borrowed 100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. C. Paid 160,000 cash to purchase a delivery van on January 1. The van was expected to have a 3-year life and a 10,000 salvage value. Depreciation is computed on a straight-line basis. d. Received an 18,000 cash advance for a contract to provide services in the future. The contract required a 1-year commitment, starting April 1. e. Purchased 6,400 supplies on account. At year's end, 750 of supplies remained on hand. f. Invested 90,000 cash in a certificate of deposit that paid 4% annual interest. The certificate was acquired on May 1 and carried a 1-year term maturity. g. Paid 78,000 cash in advance on September 1 for a 1-year rent on office space. =