In General Journal form, record the December 31 adjusting entries for the following transactions and events. Assume that December 31 is the end of the annual accounting period. a. The Prepaid Insurance account shows a debit balance at $2,880. representing the cost of a three-year fire insurance policy that was purchased on October 1 at the current ye Dr Cr b. Estimated depreciation on office equipment is $600. Dr Cr 13. To which of the following accounts should the balance in the income summary account be a) Draws b) Net Income c) Owners Capital d) Service Revenue 14. Which of the following accounts will have an ending balance after the closing process a) Draws b) Rent Expense c) Service Revenue d) Deferred Revenue