1. The company purchased a 12-month insurance policy on January 1st of 2021 for $12,000.

Prepare the adjusting journal entry for January.

2. The company has 4 employees, in January, who earn $1,500 each month.

Prepare the adjusting journal entry for January since these employees will receive checks on February 1st.

3. A customer paid for legal services for $20,000 as a retainer during the month.

At the end of the month, the legal firm had completed 35% of the project.

Prepare the adjusting journal entry to record the completed services; "recognize the revenue'.

4. The company paid 3-months rent in advance; the total amount paid in cash was $5,000.

Prepare the adjusting journal entry to record one month of rent.

5. In December of the previous year, the company received a retainer from a customer. The journal entry recorded in December:

DR Cash	$3,500
CR Unearned Legal Fees		$3,500
To record a retainer for work to be completed in January.

Prepare the adjusting journal entry to record the completed project.

6. The equipment in the company has depreciation for $1,300 in January.

Prepare the adjusting journal entry to record the depreciation expense.