1. Prepare the necessary adjusting entries for the first quarter of 2020, ending March 31: 1. $10,250 of supplies were purchased Jan. 1; Supplies on hand March 31 was $4,625 2. A one-vear insurance policy purchased Jan. 1 for $7,200 3. On Jan. 1. rent was paid in advance for one year, $60,000 4. A l-vear 12.000.6% note payable was signed Jan. 1 5. Equipment depreciates $1,700 per month 6. Four employees worked the last 3 days of March, each earning $650 per day; This has not been paid or recorded 7. \$20,000 was accepted on Jan. 1 for work to be performed at a future date; 40% has been earned 8. Revenue earned during the quarter but not yet received or recorded totaled $14,950 1. Prepare the necessary adjusting entries for the first quarter of 2020, ending March 31: 1. $10,250 of supplies were purchased Jan. 1; Supplies on hand March 31 was $4,625 2. A one-vear insurance policy purchased Jan. 1 for $7,200 3. On Jan. 1. rent was paid in advance for one year, $60,000 4. A l-vear 12.000.6% note payable was signed Jan. 1 5. Equipment depreciates $1,700 per month 6. Four employees worked the last 3 days of March, each earning $650 per day; This has not been paid or recorded 7. \$20,000 was accepted on Jan. 1 for work to be performed at a future date; 40% has been earned 8. Revenue earned during the quarter but not yet received or recorded totaled $14,950