5) In the box labeled as "TYPE", indicate for each transaction, whether the originating entry was a deferral, prepaid, or if the adjusting entry is an accrual. Also indicate if any of the accounts are valuation accounts. Prepare the required adjusting entry for each, and indicate whether the entry would be reversed. Assume a Dec. 31, 2020 year-end close. Be sure to include the correct amounts in your entries. (28 points) Transaction Type Adjusting entries 12/31/20 Accounts Dr. Cr. Reversed ? On 1/1/20, debited Insurance Expense for a 2-year policy costing $4,800. The balance in the Office Supplies account at year- end is $400. Supplies on hand is $60 Depreciation for machinery is $2,000 for 2020. Interest of $800 will not be paid until 2021. Credited Service revenue for $900 in 2020, $600 of this will not be earned until 2021 Bad Debt Expense is $1,890. Performed services in the amount of $700. Customer has not been billed yet