4-4 Redbird Consulting, Inc. was formed on January 1, 2020, and recorded its transactions throughout the year. Now it is the end of the year, and it is time for Redbird to make adjusting journal entries for some deferrals. The following items came to Redbird's attention: a. Redbird purchased $4,000 of supplies during 2020 that was debited to Supplies on Hand (asset). On December 31, a physical count of supplies showed $820 on hand. b. Redbird paid $7,200 for a 24-month insurance policy on January 1, 2020. The cost was debited to Prepaid Insurance. c. Redbird paid the first 12 months of rent to the landlord on January 1, 2020. $9,000 was debited to Prepaid Rent. d. Redbird received a $10,000 advance payment from a client on April 1, 2020. So far, 80% of the work has been completed. e. Depreciation on equipment for 2020 is $8,000. The balances in the ledger before the adjusting entries are given below. Now post the adjusting entries you prepared in Problems 4-2 and 4-4 to the ledger. Then calculate the new balances in each account. Finally, prepare an adjusted trial balance. Cash 9,950 Prepaid Insurance 7,200 Accounts Receivable Prepaid Rent 1,500 9,000 Supplies Equipment 4,000 80,000 Accumulated Depr Accounts Payable Notes Payable 8,040 10,000 Interest Payable Wages Payable Unearned Revenue 10,000 Common Stock Service Revenue Wages Expense 40,000 110,500 62,525 Rent Expense Insurance Expense Interest Expense Supplies Expense Utility Expense Depreciation Expense 4,365