CHAPTER 3 QUIZ Prepare adjusting journal entries (in proper format on proper accounting paper) for the following independent situations: 1) A business pays weekly salaries of $25,000 on Friday for a five-day work week ending on that day. 10/31 falls on Wednesday. 2) The balance in the Prepaid Insurance account before adjustment is $16,500 (assume normal balance). As of 10/31 the amount of insurance that has expired is $6,500. 3) The balance in the Unearned Revenue account before adjustment is $4,800 (assume normal balance). As of 10/31, one quarter of the revenue has been earned. 4) The balance in the Supplies account before adjustment is $6,700 (assume normal balance). On 10/31, a count reveals that only $1,300 of supplies remain on hand. 5) The company purchased a delivery van on 10/1. The van is being depreciated at a rate of $350 per month. Prepare the adjusting entry as of 10/31