Ipsarides Company adjusts and closes its books only on December $31.$ The senior accountant provides you with the following information to prepare accounting adjustments. SHOW YOUR LABELED WORK directly beneath the adjusting entry.

a$.$ Accounts receivable has a $$16,000$ balance as of December $31.$ Ipsarides estimates that $5\%$ of accounts receivable will not be collected. The beginning balance in the related contra account is $$250.$

b$.$ Ipsarides pays its employees the Wednesday following the close of the $2-$week pay period. Ipsarides has $15$ employees who each work $40$ hours per week for $$10$ per hour. In the current year, December $31$ is the second Tuesday of a $2-$week pay period.

c$.$ The company paid $$4,800$ for a two$-$year liability insurance policy on April $1.$ The amount was debited to an expense account.

d$.$ Equipment costing $$40,000$ was purchased on May $1.$ The estimated useful life is $10$ years, with no salvage value, and the company uses straight$-$line depreciation.

e$.$ Ipsarides provided $$6,000$ in services to a customer and received a $9\%,$ one$-$year note in exchange on September $1.$ The principal and interest are due at maturity.

f$.$ The company purchased a patent on January $1$ by paying $$5,950$ in cash. The patent has an estimated remaining economic life of $17$ years and no residual value.

g$.$ On December $30,$ the property tax bill for the current year of $$2,500$ was received from the city. Ipsarides plans to pay the bill when they are due on January $15.$

h$.$ On June $1,$ Ipsarides borrowed $$30,000$ from the Mississippi River Bank and signed a $10\%,$ two$-$year note. Interest is payable on May $31$ of each year, with the principal due at maturity.

i$.$ YY collected $$8,000$ in advance from a customer on November $1$ for services to be provided evenly over the next $5$ months.