Journalize the following adjusting entries. Each entry is independent of the others. All adjusting entries are as of December 31, 2016. A one-year insurance policy was purchased on September 1, 2016 for $9,000. The balance in the supplies account before adjustment is $2, 330. As of December 31, 2016, there were only $550 of supplies left. Equipment was purchased on January 1, 2016 for $39,000. The equipment has an estimated useful life of 5 years and a residual value of $1, 800. A one-year insurance policy was purchased on April 30, 2016 for $4, 200. During the year, the company purchased $1, 950 in supplies; $1, 330 of the supplies were used. Equipment was purchased on April 1, 2016 for $200,000. The equipment has an estimated useful life of 8 years, and a residual value of $27, 200. A one-year insurance policy was purchased on July 31, 2016 for $3, 840. The balance in the supplies account before adjustment is $3, 400. An inventory of supplies at the end of the year shows $2, 880 on hand. Equipment was purchased for $30,000 on September 30, 2016. The equipment has a salvage value of $3, 600 and a useful life of 10 years. The T-Accounts (Ledger) for Palmer Creative Designs are provided. Also, the end-of-month adjustments are as follows: the supplies were purchased on January 1, 2016; as of January 31, 2016, $1, 100 of the supplies were left. The prepaid advertising contract was signed on January 1, 2016, and covers a four-month period. The rent was paid for the entire year on January 1, 2016. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value. Prepare the Trial Balance for Palmer Creative Designs for January 31, 2016. Record the adjusting entries in the journal. Post the adjusting entries to the T-Accounts. Prepare the Adjusted Trial Balance for Palmer Creative Designs for January 31, 2016. Prepare the Income Statement, Statement of Owner's Equity, and Balance Sheet for the month ended January 31, 2016