Adjusting Journal Entries. Prepare the adjusting entries needed at December 31, 2022 based on the following information gathered on Collins Company. Assume no adjusting entries has ever been made. 1) Collins Company paid $8,600 for 12 months of rent starting on Aug 1, 2022. The entire amount was debited to prepaid rent on Aug 1. 2) The company purchased $5,000 office supplies during the year. It routinely debits supplies at the time of purchase. A count of supplies on December 31, 2022 indicates that supplies of $1000 are on hand. The office supplies account had zero balance at 1/1/2022. 3) On Oct 31, 2022, the company signed a $60,000 six-month note payable. The annual interest rate on the note was 6%. No interest has been recorded. Answer to Problem . You can use JE format and T-accounts.