For each situation, prepare the adjusting entry to record the proper expense for 20X5. In addition, prepare the journal entry to write off the two uncollectible accounts. er 96 Problem 14 Below is a list of the 20X3 activities/transactions for Emily's Eatery: 1. A fire insurance policy for July 1, 20X3, through June 30, 20X4, was purchased on May 15, 20X3. The premium paid totaled $24,000 and was recorded as prepaid insurance. 2. The operation purchased a new cash register costing $12,000 on September 1, 20X3, and recorded it in the equipment account. The cash register is expected to have a use- ful life of seven years and a salvage value of $1,000. No depreciation has been recorded. Emily's uses the straight-line method of depreciation. 3. The employees were paid for their work through December 26. They worked 300 hours for the period of December 27-31, 20X3, and will be paid on January 10, 20X4. The average hourly wage is $6.00. 4. Sales for the year totaled $800,000. The allowance for doubtful accounts has a Decem- ber 31 balance of $1,000. The allowance should be adjusted at year-end to percent of sales for the year. od to 5. The electric bill for the period of December 5, 20X3, through January 4, 20X4, totaled $620. It has not been recorded and will be paid on January 10, 20X4.