following adjusting entries are needed for Paint Palette Store at January 31, 2024. 1. To enter the following adjusting entries, select Accountant Menu> ke General Journal Entries Ma 2. ADJ1: The store fixtures cost of $5,000 will be depreciated over a 10-year useful life with no salvage value. Depreciation expense is $42 per month. 3. ADJ2: The paint mixing equipment cost of $4,000 will be depreci ated over a 5-year useful life with no salvage value. Depreciation expense is $67 per month. 4. ADJ3: The computer paint color match equipment cost of $1,000 will be depreciated over a four-year useful life with no salvage value Depreciation expense is $21 per month. 5. ADJ4: A count of supplies on hand at the end of January totaled $400. The Supplies on Hand account balance before adjustment is $600, so Supplies on Hand (Account 12500) should be decreased by $200. An adjusting entry is required to transfer $200 from the Supplies on Hand account to the Supplies Expense account. So the adjusting entry will increase (debit) Supplies Expense (Account 64800) by $200, and decrease (credit) Supplies on Hand (Account 12500) by $200 ADJ5: Interest on the notes payable balance is 1 percent per month. The adjusting entry to record interest expense for January 2024 and the liability for interest payable is $10. To record this adjustment, add Other Current Liability account: Account No. 21000 Interest Payable