ACCT100 Principles of Financial Accounting Fall 2022 Homework Assignment 1 (2%) Instructions: type and print your answers and submit in the next class (4/10/2022) You are provided with the following transactions for Rama Corporation, a construction company for December 2021. December 1 Supplies are purchased on for $2,000 cash. December 1 The company paid its 12 month car insurance premiums for $1,500 cash. December 1 The company purchased office equipment worth $12,000. The equipment is expected to last for 4 years at the end of which it is expected to be sold for $20,000. December 15 The company receives an advance payment of $12,000 cash from a customer for paving work. December 28 The company receives $4,000 cash from another customer for paving work to be performed in January. Required: Prepare journal entries for the above transactions Part B You are providing with the following additional information: 1. A physical count on December 31 indicates that the Company has $1,800 of supplies available. 2. An analysis of the insurance policies in effect on December 31 shows that part of the insurance has not expired. 3. As of December 31, only one paving project worth $5,000 has been worked on and completed. 4. There has been no adjusting entry for the expired portion of the equipment Required: Prepare the adjusting entries as of its December 31 period-end for the additional information above.