1. DEF Services began operations on January 1, 2021. Its fiscal year end is December 31
   and it prepares financial statements and adjusts its accounts annually. Selected
   transactions from 2021 are listed below:
   1.	On January 9, bought office supplies for $3,250 cash. A physical
   	count revealed $740 of supplies still on hand.
   2.	Purchased a $6,720 one-year insurance policy for cash on April 1.
   	The policy came into effect on this date.
   3.	On August 1, purchased equipment for $36,000 cash. The equipment
   	has an estimated 8 year useful life.
   4.	Rented unused office space to N. Madhany for 7 months, effective
   	October 1 for $340 per month, and received the full amount in cash that day.
   Instructions:
   (a)	Prepare journal entries to record the above transactions. All prepaid
   	costs should be recorded in asset accounts. All revenue collected
   	in advance should be recorded as liabilities.
   (b)	All of these transactions require an adjusting entry. Prepare
   	the adjusting entries at December 31, 2021