Best company had the following items that require adjustment at year-end. Cash for equipment rental in the amount of $3,800 was paid in adcance. The $3,800 was debited to prepaid rent when paid. At year-end, $2,950 of the prepaid rent had been used. Cash for insurance in the amount of $8,200 was paid in advance. The $8,200 was debited to prepaid insurance when paid. At year-end, $1,850 of the prepaid insurance was still unused. Prepare the adjusting journal entries need at December 31. What is the effect on the financial statement if these adjusting entries are not made? The input in the box below will not be graded, but may be reviewed and considered by your instructor. What is the balance in prepaid equipment rent and insurance expense aet December 31