Adjuting Entries Shop Rite Services is ready to prepure its financtal ctatements for the yeat ended 1)cacilo o The following information can le determined 1 analyring the accounts 1 On Augus 1, 2017, Shop Rite rxeived a 54,600 payment in advance for renal at oifuc "yaw. The rental periend is for one year lweginning on the date payment was moctud whop lide reconded the rocciph as unearned rent 2. On March 1, 2017. Shop Rite paid its invurance agent 53.000 for the promium due on a 24 thonth comporate policy. Shop Rite recorded the payment as prepuid insurance 3. Shop Rite pays its cmployce wages the middle of each month. The monthly pavmill tignoring puroll taxes) is $22,000. 4. Shop fite received a note from a cutomer on June 1, 2017, as puyment for wervices. The amwint of the note is 51,000 with interest at 12%. The note and interest will be paid on June 1,2019 5. On December 20, 2017, Shop Rite received a 52,500 check for verices The transaction was recorded as unearned revenue. Hy year-end, Shop Rite had completed three-fourths of the contracicd services. The res of the vervices wnot be completed until at least the midile od January 2018. 6 On September 1, Shop Rite purchased 5500 wurth of supplies. At December 31. 2017, anefourth of the supplics had been used. Shop Rite initially recorded the purchave of supplies as an asket. Where appropriate, prepare adjusing kournal entries at Decemher 31. 2017. for each of these items