1 2. Please prepare the adjusting entries for the year and Dec31, 2020. 3 Assume all the original entries had been recorded in the system. the adjusting entry on Dec: 5 1 On Jan1, business bought one equipment for $36,000. The estimated useful life 6 is 5 years with no residue value. 7 9 2 On Dec31, 2020, Business checked unexpired the insurance policy remaining 10 3,020. And business has $25,000 debit balance on prepaid insurance account at Dec31, 2020 before any year-end adjusting entries 12 143 On Jan1, The business has paid one an half year rent $54,000. Now the first year has passed. 15 Please record the adjusting entry on Dec31, 2020 16 19 4 On Jan1, 2020 the business had $920 debit balance. And the additional office 20 supplies $2,530 were purchased during the year. Now on Dec31, 2020, there 21 were only $530 of supplies left over there on hand 22 24 5 Three-fourth of the work for $120,000 service fees received in advance has been performed 25 29 6 Apr1, 2020 the business bought an auto for $62,000, its estimated useful life 30 is 4 years with residue value $4,000 at the end of its useful life 31 34 7 Dec31, 2020 the business found unrecorded and unpaid salary and wages for $9,500. 35 The owing amount will be paid in next week. 36 39 8 Please also record the Jan31, 2021 salary 23,000 payment entry, also inclusive of the 40 unpaid salary part at Dec31, 2020 from transaction 7 41 42 43 44 Read W2 Week34 En les VALA Press (0XA) to unmute or hold space bar to temporarily unmute. I step demo Sheet1 A3 S chpe lecture-novs Shee