Adjusting Entries: Each year a business needs to adjust its books at each year end for transactions that are not required during the year. The GOK Associates provide the following financial data at year end for which adjusting entries are required. Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work performed are initially recorded as unearned revenue) 1. The office supplies account had a balance of $10,000 on December 31, 2019. Suppiles purchases during the year amounted to 520,000 and the balance of supplies at January 1, 2019 was 15,000. 2. Wages are paid to the secretary every week on Thursday for $10,000. December 31 this year fell on Monday, Thursday is January 3 when the secretary actually gets pald. 3. GOK Associates paid $6,000 for six months rent in advance on November 1 2019. The accountant has not determined what is the balance of rent are year end. 4 Depreciation for office equipment at December 31 year end amounted to 55,000. Accumulated depreciation for the equipment was $15,000 5. Services provided by GDK Associates but not yet billed amounted to $100,000 6. GOK associates collected an advance for a customer $300,000 for work to be performed at a later date. The accountant did not record the transaction as revenue earned