An analysis of the firm's records discloses the following (business began on January 1). 1. Photography services of $925 have been rendered, but customers have not yet paid or been billed. The company uses the account Fees Receivable to reflect amounts due but not yet billed. 2. Equipment, purchased January 1 , has an estimated life of 10 years. 3. Utilities expense for December is estimated to be $400, but the bill will not arrive or be paid until January of next year. (All prior months' utilities bills have been received and paid.) 4. The balance in Prepaid Rent represents the amount paid on January 1, for a 2-year lease on the studio it operates from. 6. A 3-year insurance premium paid on January 1, was debited to Prepaid Insurance. 7. Supplies still available at December 31 are $1,520. 8. At December 31, wages expense of $375 has been incurred but not yet paid or recorded. Prepare its adjusting entries using the financial statement effects template. An analysis of the firm's records discloses the following (business began on January 1). 1. Photography services of $925 have been rendered, but customers have not yet paid or been billed. The company uses the account Fees Receivable to reflect amounts due but not yet billed. 2. Equipment, purchased January 1 , has an estimated life of 10 years. 3. Utilities expense for December is estimated to be $400, but the bill will not arrive or be paid until January of next year. (All prior months' utilities bills have been received and paid.) 4. The balance in Prepaid Rent represents the amount paid on January 1, for a 2-year lease on the studio it operates from. 6. A 3-year insurance premium paid on January 1, was debited to Prepaid Insurance. 7. Supplies still available at December 31 are $1,520. 8. At December 31, wages expense of $375 has been incurred but not yet paid or recorded. Prepare its adjusting entries using the financial statement effects template