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Help me please.. Thank you.. Part 1 - Adjusting Entries (20 points) The following information for James Company is available on July 31, 2018, the

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Part 1 - Adjusting Entries (20 points) The following information for James Company is available on July 31, 2018, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for James Company for the month of July for each situation given. Appropriate adjusting entries had been recorded in previous months. You may omit journal entry explanations. 1. James Company purchased a 2-year insurance policy on April 1, 2018, and debited Prepaid Insurance for $7,200. 2. On February 1, 2018, a tenant in an apartment building owned by James Company paid 59.600, which represents six months' rent in advance. The amount received was credited to the Unearned Rent account. 3. On July 1, 2018, the balance in the Office Supplies account was $400. During July, office supplies costing $1,260 were purchased. A physical count of office supplies at July 31 revealed that there was $480 still on hand. 4. On March 31, 2018, James Company purchased a delivery van for $66,000. It is estimated that the annual depreciation will be $15,600. 5. James Company has two office employees who earn $150 and $200 per day, respectively. They are paid each Friday for a five-day work week that begins each Monday, July 31 is a Taesday in 2018

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