122 CHAPTER 4 ADJUSTING AND CLOSING ENTRIES 4.2 Adjusting entries (2) The following information for Aspen Company is available on July 31, 20x4, the end of a monthly accounting period. Aspen Company purchased a 2 year insurance policy on April 1, 20x4, and debited Prepaid Insurance for $3,600. On February 1, 20x4, a tenant in an apartment building owned by Aspen Company paid $4,800, which represents six months' rent in advance. The amount received was credited to the Unearned Rent account. On July 1, 20x4, the balance in the Office Supplies account was $200. During July, office supplies costing $630 were purchased. A physical count of office supplies on July 31 revealed that there was $240 still on hand. On March 31, 20x4, Aspen Company purchased a delivery van for $33,000. It is estimated that the annual depreciation will be $7,800. Aspen Company has two office employees who earn $75 and $100 per day, respectively. They are paid each Friday for a five day work week that begins each Monday, July 31 is a Thursday in 20x4. Required: Prepare necessary adjusting journal entries for Aspen Company for the month of July for each situation given. Appropriate adjusting entries had been recorded in previous months