Journalize adjusting entries for Rocket Inc for the month ending July 31, 2005. Remember to list the debit entries first and to indent the credit entries below the debit corresponding with each adjustment.

Example: Debit Entry or Entries

Credit Entry or Entries

A) Rocket Inc has a balance in the prepaid insurance account before adjustment at the end of the month of $ 20,000. It was determined that the amount of insurance applicable to future periods was $ 12,500. Make the adjusting entry for July 31, 2005.

B) Rocket Inc beginning balance in the supplies account was $ 12,000 and additional supplies purchased during the month was $ 5,000. After taking inventory of supplies at the end of the month, it was determined that the amount of supplies on hand was $ 8,570. Prepare the adjusting entry for July 31, 2005.

C) Rocket Inc borrowed $ 40,000 at 9% on a 180 day note from First National Bank on July 10, 2005 (Use a 365 day year). Prepare the adjusting entry for July 31, 2005.

D) Rocket Inc purchased equipment of July 1, 2005 for $ 28,000. The estimated residual value is $ 4,000 and the useful life is 4 years (48 months). Prepare necessary adjusting entry for July 31, 2005.

E) Rocket Inc pays weekly salaries of $ 42,000 on Friday for a five-day week ending on that day. Assume that July 31, falls on a Tuesday. Prepare adjusting entry for July 31, 2005.