Assignment 2 Name: HID Exercise 3-3 Preparing adjusting entries (annual)-prepaid expense LO4 Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and hasa December 31, 2017 year-end. a. On October 1, 2017, Dr. Chan prepaid $8,000 for four months of rent b. On November 1, 2017, Dr. Chan prepaid $480 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2017, Dr. Chan pays $3,000 for supplies. At the end of the year, $2000 of supplies had not been used Required For each transaction, record the initial journal entry and the adjusting entry required on December 31, 2017. Exercise 3-3 (30 marks) Date Account Titles and Explanation Debit Credit a