Explain and show how to complete the adjustments and also the adjustment journal as well.

The annual premium for the insurance policy was paid on September 1,2021 for $7,260 and posted to prepaid insurance The office supplies were counted on 12-31-21 and had a balance of $859. The wages and salaries of the sales 8 adminstrative staff is $950 per day. The payroll is a weekly payroll and staff work six days a week with Sundays closed. The last December payroll was paid on Friday, December 31 st for timecards through Tuesday, December 28th Deprediation for 2021 is $11,555. Customers must make a downpaument for all special order items. The actual customer downpayments for which items had not been sold was $4,860 at 123121. The company computes that it will owe income taxes on it net income of $12,560. Six months of rent was paid on 10-31-21 for November 2021 through April 2022 in the amount of $3,900