Answei 8. Gilgen's, an upscale restaurant on the beach, has just completed its first full year of operations on December 31, 2016. It provides meals both in its restaurant and catering Selected balances from its general ledger before year-end adjustments follow. (All balances are no rmal.) Cash Accounts receivable Prepaid advertising Supplies Equipment Notes payable $42,400 24,000 196,000 108,000 12,000 5,500 S64,000 A ccounts payable 36,000 Common st 4.800 Sales revenue 3.600 Wages expense 91,200 Rent expense 34,000 Utilities expense AAn analysis ol the tm s Iecords reveals the TolIowing The balance in Prepaid Advertising represents the amount paid for newspaper advertising for 1 year. The agreement, which calls for the same amount of space each month, covers the period from February 1, 2016, to January 31, 2017. Gilgen's did not advertise during its first month of operations a. b. Equipment purchased January 1, 2016, has an estimated life of eight years Utilities expense does not include the expense for December, estimated at S1,200. c. The bill will not arrive until January, 2016 d. At year-end, employees have earned S12,400 in wages that will not be paid until January e. Supplies available at year-end amounted to S1,300 f. At year-end, unpaid interest of $400 has accrued on the notes payable g. The firm's lease calls for rent of $1,000 per month payable on the first of each month, plus an amount equal to 1% of annual sales. payable within 15 days after the end of the year The rental percentage is Prepare adjusting entries in journal entry form