Expense Adjustments Instructions Chart of Accounts General Journal Final Question Instructions Faraday Electronic Service repairs stereos and DVD players. During 2019, Faraday engaged in the following activities: a. On September 1, Faraday paid Wausau Insurance $4,860 for its liability insurance for the next 12 w 1$. The full amount of the prepayment was debited to prepaid insurance. b. At December 31, Faraday estimates that $1,520 of utility costs are unrecorded and unpaid. c. Faraday ronts its testing equipment from JVC. Equipment rent in the amount of $1.440 is unpaid and unrecorded at December 31 d. In late October, Faraday agreed to become the sponsor for the sports segment of the evening news program on a local television station. The station billed Faraday $4,350 for 3 months' sponsorship-November 2019. December 2019, and January 2020-in advance. When those payments were made, Faraday debited prepaid advertising. At December 31, 2 months' advertising has been used and 1 month remains unused Required: 1. Prepare adjusting entries at December 31 for these four activities. 2. Conceptual Connection: What would be the effect on expenses if the adjusting entries were not made? Expense Adjustments Instructions Chart of Accounts General Journal Final Question Instructions Chart of Accounts General Journal 1. Prepare adjusting entries at December 3t for these four activities General Journal Instructions GENERAL JOURNAL IMPACT ON FINANCIAL STATEM BALANCE SHEET INC DATE POSTER DENT CREDIT ASSETS Les TOUT ACCOUNT TITLE Adjusting Entries 1 2. Conceptual Connection: What would be the effect on expenses if the adjusting entries were not made? a. If this entry were not made, expenses would and assets would Additionally, net income and stockholders' equity would b. It this entry were not mado, expenses would and liabilities would Additionally, net income and stockholders' equity would c. ena entry were not made, expenses would and abilities would Additionally, not income and stockhokeru equilty would d. If this entry were not made, expenses would and assets would Additionally, not income and stockholders' equity would be overstated remain unchanged be understated Additional Instruction Cumulative effect on expenses by s