Exercise Three: (6 Points) On December 31, 20XX, the trail balance of Jordan Restaurant shows the following UNADJUSTED balances for selected accounts: Required: Equipment Notes Payable Prepaid Insurance Supplies Unearned Revenue 69 40,000 50,000 12,000 8,500 15.000 An analysis of the accounts shows the following changes. Prepare the adjusting entries and post the transactions. The account balances have been provided for you. Date On December 31, supplies on hand amounts to $3,000. Account Title and Explanation Debit Credit 5.500 December 31 Supplies Expense Supplies The one-year insurance policy was purchased on July 1, 20XX. Date December 31 Account Title and Explanation Insurance Expense Prepaid Insurance Debit Credit 6,000 5.500 6,000 The equipment worth $40,000 was purchased on October 1. It has a salvage value of $5,000 and a useful life of 5 years. H