For each of the situations below record BOTH the journal entry for the original transaction, and the necessary adjusting entry on December 31st.

1. On January 1 2015, Bacon Corp. purchased $2300 of supplies. On December 31st, 2015 there were $450 worth of supplies left.

2. On April 1st 2015 Big Mac Corp. purchased insurance for 1 year at a cost of $4800. The fiscal period ends on December 31st.

3. Seinfeld Co. uses the straight-line method of amortization and purchased stage equipment for $15,000 on May 1, 2014. It is expected to last 10 years at which time it should have a salvage value of $3000. The fiscal period ends December 31st.