Gilgen's Grill, an upscale restaurant on the beach, has just completed its first full year of operations on December 31, 2016. It provides meals both in its restaurant and catering. Selected balances from its general ledger before year-end adjustments follow. (All balances are normal.) $42,400 24,000 196,000 108,000 12,000 5,500 $64,000 36,000 4,800 Accounts payable Common stock Cash Accounts receivable Sales revenue Prepaid insurance Supplies Equipment Notes payable 3,600 91,200 34,000 Wages expense Rent expense Utilities expense An analysis of the firm's records reveals the following: a. Supplies on hand at year-end amounted to $1,300. b. $4,800 of Prepaid Insurance is recorded on Nov.1, 2016. Insurance expires at the rate of $400 per month Prepare adjusting entries in journal entry form without the brief explanation. Debit Credit Date ACCOUNT TITLES Dec.31 Dec.31