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Question: 2 Record Adjusting Journal Entries (5-marks) a) On January 3, 2015, $6,500 of supplies were purchased and recorded as an asset. A count revealed $500 still on hand at December 31, 2015, b) Services performed during December but not yet billed to customers totalled $2,900. c) On July 1, 2015, a $12,000 car was purchased on account. The car is expected to last 4 years and have no residual value at the end of its useful life. d) On December 31, 2015 utilities owed but not yet paid amounted to $500. c) On January 10, 2015 Cornish Accounting Co, accepted a $7.000 deposit from a client for tax work to be completed during the year. The deposit was recorded as uneared reveme. On December 31, 2015 all the tax work for the client is complete