In each of the following four situations, prepare the required adjusting journal entry, or using your knowledge of adjusting journal entries, answer the indicated question. Averse has a fiscal year that ends on December 31.

1. On August 1, 2018, Averse Co. purchased a twelve-month insurance policy, paying the insurance underwriter $ 3,600. At the time the policy was purchased, Averse Co. increased Prepaid Insurance $ 3,600 and decreased Cash by $ 3,600. Averse Co. prepares adjusting journal entries on a monthly basis. What adjusting journal entry should Averse Co. prepare on December 31, 2018?

2. Averse Co. began the month of December 2018 with $ 23,000 in their Supplies account. During the month of December, a total of $ 34,000 of supplies were purchased. When supplies are purchased, the asset account, Supplies, is increased, and the liability account, Accounts Payable, is increased by the same amount. During the month of December, Averse Co. made total payments of $ 29,000 related to the supplies purchased during December. At the end of the month of December, a physical count of the supplies indicated that $ 17,000 were on hand. What adjusting journal entry is required at the end of December to reflect the information provided above?

3. Averse Co. sells magazines, requiring all customers to pay for their subscriptions in advance. When a subscription payment is received, Averse Co. increases Cash and increases Unearned Revenue. On December 1, 2018, the balance in the liability account, Unearned Revenue, was $ 1,200,000. After making the adjusting entry on December 31, the balance in Unearned Revenue was $ 1,500,000. Subscription Revenue for the month of December was $ 460,000. What was the total amount of cash received from subscriptions during the month of December 2018?

4. The employees of Averse Co. are paid every other week. After preparing the Dec. 31, 2018 adjusting entries, certain accounts had balances as follows:

Cr. Wages Payable $ 85,000

Dr. Wage Expense $ 527,000

If the total wages paid during the month of December were $476,000, what was the balance in Wages Payable on December 1, 2018?