A review of the ledger of JQ Company at December 31, 2019, produces the following data. 1: The supplies account began the year with a balance of $3000. During the year, supplies in the amount of $1800 were purchased. At the end of the year the supplies on hand was $2600. 2: On December 1, 2019, JQ Company collected $48000 for services to be performed from December 1, 2019, through March 31, 2020. It is expected that same amount of service will be provided every month. 3: There are ten salaried employees in the company. Salaries are paid every Thursday for the current week. Five employees receive a salary of $500 each per week, and five employees earn $400 each per week. Employees work five days a week (Sunday to Thursday, two days are unpaid and free). Assume December 31 is a Monday. All the employees work through December 31st. 4: JQ Company purchased a one-year insurance policy on October 1 for $15,000. 5: An Equipment was bought for $50000 on October 1, 2019. The equipment has 5 year life with no salvage value. 6:JQ Company signed a $8,000, 3-month note payable on November 1.The note requires JQ to pay interest at an annual rate of 12%. Instructions: Prepare the annual adjusting entries needed at December 31, 2019