7. Prepare the December 31 adjusting entries for the following transactions. 15 points 3. The supplies account balance on December 31 is $4.750. Supplies on hand are $960. 4. Depreciation of office equipment is $1,650. 5. Insurance expired during year, $10,800, Depreciation on equipment for the year is $6,300. (a) Record the joumal entry if the company adjusts its account once in year. (b) Record the joumal eatry if the company adjusts its account on a monthly basis. 5 point BONUS 8. Prepare adjusting entry for the following transaction: (a) The beginning balance of the Supplies aceount was \$245. During the month the company bought additional supplies in the amount of \$735. At the end of the month a physical inventory showed \$343 of unused supplies