For the first 4 questions, prepare Journal Entries on December 31st to record ADJUSTING ENTRIES based on the information given.

Estimated Depreciation on the office equipment for the year is $2,000.

The prepaid insurance account has a $2400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance remains.

The company has 3 employees who each earn $100/day for a 5-day work week (Monday - Friday). The employees were last paid on Friday, December 26th, and have worked full days December 29th - 31st.

On November 1, the company received 6 months rent in advance from a tenant whose rent is $700/month. The $4,200 was credited to the Unearned Rent account. NO adjusting entry was made on November 30th.