Each of the following is an independent situation. Adjusting entries are prepared at year-end. 1. On March 1, 2014, a one-year insurance policy was purchased for $2280. The fiscal year end is December 31. 2. 3. a. b. Record the original purchase of the policy on March 1. Calculate the adjusting entry and record it in on December 31. Prepare the adjusting entries for the year ended December 31, 2014 for the following: a. b. C. The supplies account has an $800 balance. Actual supplies on hand December 31, 2014 is $260. Rent was paid for 3 months on November 1, 2014 for a total of $3300. A 12-month insurance policy was purchased on October 1, 2014 for $1800. On October 1, 2014, We-R-Rentals received a $500 cheque for the rental of a storage unit for six months. a. b. Record the entry in We-R-Rentals books on October 1. Prepare the year-end adjusting entry on December 31, 2014.