Journal entry worksheet On May 1,2021 , the company pays $4,680 for a two-year fire and liability insurance policy and debits Prepaid Insurance. Record the adjusting entry for insurance at its year-end of December 31. Note: Enter debits before credits. Journal entry worksheet At the beginning of the year, Gamecock's depreciable equipment has a cost of $34,500, a five-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the five years. Record the adjusting entry for depreciation at its year-end of December 31 . Note: Enter debits before credits. Journal entry worksheet On September 1,2021 , the company borrows $19,000 from a local bank and signs a note. Principal and interest at 9% will be paid on August 31, 2022. Record the adjusting entry for interest at its year-end of December 31. Note: Enter debits before credits. Journal entry worksheet At year-end there is a $2,650 debit balance in the Supplies (asset) account. Only $990 of supplies remains on hand. Record the adjusting entry for supplies at its year-end of December 31. Note: Enter debits before credits. Journal entry worksheet On July 1,2021 , Gamecock receives $5,900 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. Record the adjusting entry for deferred revenue at its yearend of December 31. Note: Enter debits before credits. The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock's fiscal year-end is December 31. 1. On July 1,2021 , Gamecock receives $5,900 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $34,500, a five-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the five years. 3. On May 1, 2021, the company pays $4,680 for a two-year fire and liability insurance policy and debits Prepaid Insurance. 4. On September 1, 2021, the company borrows $19,000 from a local bank and signs a note. Principal and interest at 9% will be paid on August 31, 2022. 5. At year-end there is a $2,650 debit balance in the Supplies (asset) account. Only $990 of supplies remains on hand. Required: Record the necessary adjusting entries on December 31, 2021. No prior adjustments have been made during 2021. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)