For each of the following items, prepare the appropriate adjusting entries required. The company's year-end is December 31, 2016. Also indicate which entries will be REVERSED on January 1 of 2017 by placing an "B" beside the entry. Round any final answers to the nearest $. 1. Unpaid and unrecorded salaries and wages as of December 31st amounted to $2,500 2. The company purchased a two-year insurance policy. The full policy was paid in advance on May 1, 2016 for the amount of $12,000 and was debited to prepaid insurance. 3. The company rented a warehouse on Aug. 1, 2016, for one year. The full amount of rent for the entire year, amounting to $24,000, had to be paid in advance on Aug. 1. This amount was debited to rent expense when paid. 4. A customer asked for an extension from the Company to pay her outstanding invoice. Interest for the year on this outstanding invoice totaled $3,150 which the Company has not recorded. The customer will pay the interest when she pays the outstanding invoice. 5. On October 31, the Company received $2,485 from a local artist who wanted to rent part of their office space for six months. The Company credited Unearned Rent Revenue