II. Adjusting Entries (54=20 points) Meyer Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The company's annual accounting period ends on December 31, 2020. The following information concerns the adjusting entries to be recorded as of that date. 1. The Office Supplies account had a $500 debit balance on December 31, 2019. During 2020, $3,650 of office supplies are purchased. A physical count of supplies at December 31, 2020, shows $700 of supplies available. Record the used office supplies. 2. The company purchased a building on January 1, 2020. It cost $960,000 and is expected to have a $45,000 salvage value at the end of its predicted 30-year life. Record the annual depreciation in 2020. Principles of Accounting Final Exam A Page 2 of 3. On October 1, the company rented space to a tenant for $2,000 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent account. Record the earned rent in 2020. 4. The company has 4 employees, each of whom earn $200 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31, 2020, is a Tuesday, and all 4 employees worked the first two days of that week.