JoM the, made the following prepayments for expense ltems during the year: a. Prepaid bulding rent for 1 year on April 1 by paying 56,600 , Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $4,200. Prepaid insurance was debited. c. Purchased $5,250 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as of october 15 . Office supplles costing s1, 095 remain unused at December 31 . d. Paid $600 for a 12 -month service contract for repairs and maintenance on a computer. The contract begins November 1 . The full amount of the payment was debited to prepaid regairs and maintenance. Requireda 1. Prepare journal entrics to recora the naumant at wah for each transaction. If an amount box does not require an entry, leave it blank. 2. Prepare adjusting entries for the prepoyments at December 31. If an amount box does not require an entry, leave it blank. Prepare adjusting entries for the prepayments at December 31. If an amount box does not require an entry, leave it blank. 3. Conceptual Connection: For all of the above items, assume that the accountant failed to make the adjusting entries, What would be the effect on net income? by 1