For each of the following adjusting entries, identify whether the entry is correct. If it is not correct, provide the correct entry in the journal on the next page and specify why the entry given below is wrong. To record sales made on the last day of the year that the company has not yet billed. To record one month of rent expense. Three months ago, the company paid $8, 160 for one year's rent in advance. The company received an electric bill for $800 for the current month. The bill is due next month. The supplies account had a balance of $2, 300 at the end of last month. The count at the end of this month showed a balance of $400 The company performed $1,000 of services that the client had paid for in advance