2. Kim's Convenience Store is completing the accounting process for the year just ended on December 31, 2020. It is the last day of the year, and the Stores accountant has just received the following information, and has asked you for some help. Prepare any necessary adjusting entries for the following situations as required at year end. Assume all transactions prior to December 31, 2020 have already been correctly journalized and posted. a) On November 5, 2020 (Thursday), Kims Convenience paid $1,500 to the local newspaper for an advertisement to run every Thursday for 12 weeks. All ads have been run except for three Thursdays in January 2020 to complete the 12 week contract. b) Store supplies inventory on January 1, 2019 was $375. Store supplies purchased and debited to store supplies inventory during the year amounted to $450. The year-end count showed $550 of supplies on hand. c) The store uses a truck to deliver inventory that costs $60,000. The truck was initially bought on July 1, 2017 and has a useful life of 8 years with a residual value of $6,000. The company uses the straight-line depreciation method. No depreciation was recorded. d) On April 1, 2020, a two-year insurance premium amounting to $3,600 was paid in cash and debited in full to prepaid insurance. Coverage began on April 1, 2020. e) Kims Convenience also sells some of their unused inventory to other local convenience stores at a discounted price. At the end of December 31, 2020, these convenience stores still owe $750 for the goods. This transaction has not yet been recorded. Collection is expected during Jan 2021