Dec. 1 1 Wendson contributed $56,000 cash to the business in exchange for capital. 1 Purchased $10,800 of equipment paying cash. Paid $3,600 for a six-month insurance policy starting on December 1. 9 Paid $15,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $3,000. 19 Borrowed $25,000 from the bank for business use. Wendson signed a note payable to the bank in the name of the business. The note is due in five years. 22 Paid $2,100 for advertising expenses. 26 Paid $1,400 on account. 28 The business received a bill for utilities to be paid in January, $350. 31 Revenues earned during the month included $14,000 cash and $2,500 on account 31 Paid employees' salaries $4,000 and building rent $1,900. Record as a compound entry 31 The business received $1,160 for auto screening services to be performed next month. 31 Wendson withdrew cash of $5,000. a. Office Supplies used during the month, $1,400. b. Depreciation for the month, $180. c. One month insurance has expired. d. Accrued Interest Expense, $100. Requirement 3. Prepare the adjusting entries and post to the T-accounts. Begin by preparing the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Office Supplies used during the month, $1,400. Date Accounts and Explanation Debit Credit Dec. 31 Adj. (a) b. Depreciation for the month, $180. Date Accounts and Explanation Debit Credit Dec. 31 Adj. (b) c. One month insurance has expired. (On December 1, the business paid $3,600 for a 6-month insurance policy starting on December 1.) Date Accounts and Explanation Debit Credit Dec. 31 Adj. (C) d. Accrued Interest Expense, $100. Date Accounts and Explanation Debit Credit Dec. 31 Adj. (d)