Given on the first two tabs are ABC's 12/31/14 Unadjusted Trial Balance and a list of needed adjustments. Make all 16 adjustments to the "Adjusting Journal Entries" Remember to include a description under each journal entry.

1 On March 1, ABC purchased a one-year liability insurance policy for $98,400 Upon purchase, the following journal entry was made I Prepaid insurance 98,400 Cr Cash 98,400 The expired portion of insurance must be recorded as of 12/31/14 Notice that the expired portion from March through November has been recorded already Make sure that the Prepaid Insurance balance after the adjusting entry is correct. 2 Depreciation expense must be recorded for the month of December The building was purchased with cash on February 1, 2014 for $150,000 with a remaining useful life of 30 years and a salvage value of $6,000 The equipment was purchased with cash on February 1, 2014 for $60,000 with a remaining useful life of 5 years and a salvage value of $3,000 Depreciation has been recorded for the building and equipment for months February through November. The method of depreciation for the building is straight-line The method of depreciation for the equipment is double-declining balance 3 On December 1, XYZ Co. agreed to rent space in ABC's building for $12,000 per month, and XYZ paid ABC on December 1 in advance for the first three months' rent. e entry made on December 1 was as follows: Dr Cash 36,000 Cr Unearned rent revenue 36,000 The unearned revenue account must be adjusted to reflect the amount earned as of 12/31/14