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Aaron Lynch Company has the following balances in selected accounts on December 31, 2020. Service Revenue Insurance Expense Supplies Expense $40,000 2.700 2.450 All the accounts have normal balances. Aaron Lynch Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. Aaron Lynch Company paid $2.700 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Aaron Lynch Company collected $40,000 for consulting services to be performed from December 1. 2020, through March 31, 2021. A count of supplies on December 31, 2020, indicates that supplies of $900 are on hand. 1 2 3 Prepare the adjusting entries needed at December 31, 2020. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit No. Date Cher 1 Supplies Expense 2,450 All the accounts have normal balances. Aaron Lynch Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. Aaron Lynch Comparty paid $2,700 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Aaron Lynch Company collected $40,000 for consulting services to be performed from December 1. 2020, through March 31, 2021. A count of supplies on December 31, 2020, indicates that supplies of $900 are on hand. 1. 2 3. Prepare the adjusting entries needed at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Crex 2 3