After analyzing the accounting records and other data for the business of Todds Advertising Solutions, the following information is made available for the year ended 30 June 2020:

a) A one-year insurance policy was purchased for $1,200 on 1 December 2019. The payment was initially recorded as an expense.

b) Todds Advertising Solutions has completed $1,000 of work for which it has neither received cash nor billed the customer.

c) On 1 March 2020, Todds Advertising Solutions entered into an agreement with a customer for a 12-month period advertising services commencing on the same day. The customer paid the entire fees amounting to $24,000 on 1 March 2020. The initial payment is recorded as Unearned Revenue (liability).

d) The supplies account had a balance of $3,500 on 30 June 2020. A physical stocktake reveals that the company has $1,300 on hand at 30 June 2020.

e) Todds Advertising Solutions purchased new equipment on 1 February 2020 at a cost of $70,000. The residual value and useful life of the equipment are $10,000 and 5 years, respectively. Todds Advertising Solutions uses a straight-line depreciation method.

f) On 30 June 2020, Todds Advertising Solutions estimated that $31,500 of the accounts receivable balance would be uncollectible. Before the year-end adjustments, the Allowance for Doubtful Debts account had a debit balance of $3,500.

g) Todds Advertising Solutions borrowed $40,000 from the Bank ABC on 1 October 2019 at the annual interest rate of 7.5%. The first interest payment will be made on 1 October 2020.

Required:

Prepare adjusting entries required on 30 June 2020. Narrations are NOT required. [Hint: Be careful to only record the adjusting entries, not the original transactions].