2 Record the adjusting entries as of 12/31 for the following transactions. Assume the original transactions were journalized correctly and no adjusting entries have been made yet this year. Supplies of $5400 were purchased on account 2/1. At year end just $540 of supplies Received $10800 in advance from Client Co. on 6/30 for work we'll perform evenly from Paid $10800 on 10/1 for 6 months insurance in advance. Purchased $54000 of equipment on 7/31. The equipment has a 5 year life and salvage Borrowed $27000 on 8/1 and signed a 6 month 5% note with interest and principal due Paid 12 months rent in advance of $43200 on 5/1. General Journal Date Account/Explanation PR Debit Credit Dec 31 (Adjust for rent consumed) Dec 31 (Adjust for equipment expired) Dec 31 (Adjust for work performed Client Co) Dec 31 (Adjust for supplies consumed) Dec 31 (Adjust for money borrowed) Dec 31 (Adjust for insurance consumed)