Journalize the adjusting entry needed on December 31, 2017, the end of the current accounting period, for each of the following independent cases affecting Hot Sounds, a company that provides DJ services. Purchased sound equipment last year for $50,000. The estimated useful life of the equipment is five years and estimated salvage value is zero. Annual depreciation is $10,000. Hot Sounds has received and recorded $15,000 in deposits/advances for parties. As of December 31, 50 % of the parties have been held/completed. The beginning balance on January 1st of Supplies was $2,500. During the year, Hot Sounds purchased supplies for $2,000, and at December 31 the supplies on hand totaled $1,900. Hot Sounds bought a two-year insurance policy on September 22, 2017 paying $18,000 cash. The policy period is October 1, 2015-September 30, 2017 .On November 1, 2017, Hot Sounds borrowed $10,000 from First City Bank by signing a 9%, 120 day note. Hot Sounds earned $2,000 for services rendered, but not billed or recorded on December 31, 2017 event. 7. Hot Sounds employees earn a total of $1,750 in salaries each working day. They are paid each Friday for their work in the five-day current workweek (M-F). December 31, 2017 is a Wednesday AdjTitles DebitCredit