File Home Insert Page Layout Formulas Data Review View Help QuickB X Cut Calibri 11 3 Copy R Wrap Text Format Pamer BI U Merge & Center Clipboard 5 Font Alignment S24 fx 3 H B C E F 1 2. Please prepare the adjusting entries for the year-end Dec31, 2020. 3 Assume all the original entries had been recorded in the system. 4 5 1 On Jan 1, business bought one equipment for $49,000. The estimated useful life is 5 years with the residue value $1,000. 6 7 8 unused 9 2 On Dec31, 2020, Business checked unexpired the insurance policy remaining 10 23,500. And business has $25,000 debit balance on prepaid insurance account 11 at Dec31, 2020 before any year-end adjusting entries 12 13 14 3 On Jan1, The business has paid two an half year rent $70,000. Now the first year has passed. 15 Please record the adjusting entry on Dec31, 2020 16 19 4 On Jan1, 2020 the business had $1,050 debit balance. And the additional office 20 supplies $3,370 were purchased during the year. Now on Dec31, 2020, there 21 were only $280 of supplies left over there on hand 22 24 5 Three-fifth of the work for $150,000 service fees received in advance has been performed 25 26 29 6 Apr1, 2020 the business bought an auto for $62,000, its estimated useful life 30 is 4 years with residue value $4,000 at the end of its useful life 31 34 7 Dec31, 2020 the business found unrecorded and unpaid salary and wages for $8,200. 35 The owing amount will be paid in next week. 36 37 38 39 8 40 Please also record the Jan31, 2021 salary 21,000 payment entry, also inclusive of the unpaid salary part at Dec31, 2020 from transaction 7 41 W2 Week3,4 examples W5 A1A2 Enter four step demo A3 and S Chp4-part1 Sheet2 ch