For each of the following entries, identify whether the entry is correct. If it is incorrect, provide the correct adjusting entry in the journal provided on the next page. a. No entry made. The office equipment is brand new, having been purchased only one year ago for $5,000. Since it is expected to last five years and have a salvage of $1,000, the bookkeeper has decided that it really shows so little wear that depreciation need not be taken this year. b. Advertising Expense 700 Prepaid Advertising 700 The company advertised in the local paper in the last month. When the bill was paid at the first of last month, the Prepaid Advertising account was debited. c. Utilities Payable 900 Utilities Expense 900 A bill was received from the local utility company for $900. The bill is due next month. d. Supplies Expense 550 Supplies 550 The Supplies account started the period with a balances of $1, 200. At the end of the month, a count of supplies on hand indicated $550 left. e. Interest Expense 100 Interest Payable 100 Money borrowed from the bank carries an interest rate of 6% per year. Interest was last paid a month ago and is due again in another five months. The amount borrowed is $20,000