2. It is the end of Kencos' fiscal year (12-31-XX). You have been given the following information to help you make the year end adjustments: a. On 8-1-18 Kenco purchase a one year insurance policy for a total cost of $24,000. The bookkeeper made an entry on 8-1 to debit pre- paid insurance expense. and credit cash. No other entries have been made to the insurance accounts. On 9-1-XX Kenco entered into a contract to provide maintenance service to Jimco Inc. for $500,000. Jimco Inc. pre-paid $50,000 on 9-1 and the bookkeeper for Kenco debited Cash and credited Un-earned Revenue. On 12-31-XX 30% of the maintenance work had been completed. No other entries had been made in the accounting system since 9-1-XX. Kenco rented excess office space to a client on 12-15-XX. The renter paid $3,500 for one months rent in advance as a pre-payment. Kencos' bookkeeper debited cash and credited pre-paid rent on 12-15-XX. The depreciation on equipment amounted to $25,000 for the year; no entry had been recorded to recognize this fact. Interest on Notes Payable of $200,000 in the amount of e. $5,000 was owed by Kenco to the bank on 12-31-XX. No entry had been made to record this fact. The interest will not be paid until next year when the loan is due. Required: From the information given above, make all the adjusting entries required. As a description to the journal entry, indicate what accounting principle would have been violated if the entry had not been made. 2. It is the end of Kencos' fiscal year (12-31-XX). You have been given the following information to help you make the year end adjustments: a. On 8-1-18 Kenco purchase a one year insurance policy for a total cost of $24,000. The bookkeeper made an entry on 8-1 to debit pre- paid insurance expense. and credit cash. No other entries have been made to the insurance accounts. On 9-1-XX Kenco entered into a contract to provide maintenance service to Jimco Inc. for $500,000. Jimco Inc. pre-paid $50,000 on 9-1 and the bookkeeper for Kenco debited Cash and credited Un-earned Revenue. On 12-31-XX 30% of the maintenance work had been completed. No other entries had been made in the accounting system since 9-1-XX. Kenco rented excess office space to a client on 12-15-XX. The renter paid $3,500 for one months rent in advance as a pre-payment. Kencos' bookkeeper debited cash and credited pre-paid rent on 12-15-XX. The depreciation on equipment amounted to $25,000 for the year; no entry had been recorded to recognize this fact. Interest on Notes Payable of $200,000 in the amount of e. $5,000 was owed by Kenco to the bank on 12-31-XX. No entry had been made to record this fact. The interest will not be paid until next year when the loan is due. Required: From the information given above, make all the adjusting entries required. As a description to the journal entry, indicate what accounting principle would have been violated if the entry had not been made