BAT 4MO Chapters 1-4 Review Assignment QUESTION 1 Springdale Dental Centre prepares annual financial statements. Below are listed some selected accounts and their balances in the August 31 trial balance before any adjustments have been made for the year ended December 31, 2020. SPRINGDALE DENTAL CENTRE Trial Balance (Selected Accounts) December 31, 2020 Complete the Journal entries below Application 8 MARKS Credit credit Date Particulars PR DR CR Office Supplies Prepaid Insurance Office Equipment Accumulated Amortization Office Equipment Note Payable Debit $1,350 3,600 11,200 $6,400 10,000 (Note: Debit column does not equal credit column because this is a partial listing of selected account balances) An analysis of the account balances by the company's accountant provided the following additional information: 1) On December 31, purchased Office Furniture for $500 from Staples, to be paid in 30 days. 2) December 31, completed dental services for D. Brar, for $800 on account. 3) A physical count of office supplies revealed $810 on hand on December 31. (adjusting entry) 4) The two-year life insurance policy was purchased on April 30 for $3,600. (adjusting entry) 5) Office equipment is expected to have a life of 6 years. Amortization is recorded annually. 6) Employees are paid for Monday-Friday on the following Monday. There are 6 employees, 3 earning $725/week each and 3 earning S450/week each. December is a Thursday. 7) The December phone bill for $295 has been received but not yet been paid or recorded. 8) The interest rate on the Note Payable is 3%. Interest is paid semi-annually on July 1 and Jan 1. Instructions: In the space provided, prepare the adjusting entries that should be made by Springdale Dental Centre on December 31, 2020