Exercise 3-7 Adjusting entries (annual) LO4 On January 1, you started a tutoring business called Brain Worx and charge $30 an hour f transactions for 2017- a. On January 1, you purchased a computer from Apple Inc. for $1,500 cash. You estimate three years. After that time, you will give the computer to your sister as a gift. b. On February 1, you paid $1,200 cash for one-year of insurance coverage. c. On March 1, you purchased supplies including paper, pens, and notebooks for $650 cas end of the year, you had $230 of supplies left. d. On November 1, Charlotte, a student, pays cash for eight hours of tutoring per month, f December 2017, and January 2018. e. You tutor George four hours in December. However, George was away for Christmas ai January 2018. f. On January 2, 2018, Telus Communications sends your December business cell phone t January 15, 2018. Required 1. For transactions (a) to (d), record the initial journal entry during the year. 2. For transactions (a) to (f), record the adjusting entries on December 31, 2017. Date Account Titles