Journalize the following adjusting entries. Each entry is independent of the others. All adjusting entries are as of December 31, 2022. 1. A one-year insurance policy was purchased on September 1, 2022, for $15,000. 2. The balance in the supplies account before adjustment is $2,870. As of December 31, 2022, there were only $760 of supplies left. 3. Equipment was purchased March 31, 2022, for $89,000. The equipment has an estimated useful life of 6 years and a residual value of $2,600. 4. A one-year insurance policy was purchased April 30, 2022, for $4,200. 5. During the year the company purchased $2,950 in supplies; $2,230 of the supplies were used. 6. Equipment was purchased on June 1, 2022, for $320,000. The equipment has an estimated useful life of 8 years and a residual value of $24,800. 7. A one-year insurance policy was purchased on May 1, 2022, for $3,840. 7. A one-year insurance policy was purchased on May 1, 2022, for $3,840. 8. The balance in the supplies account before adjustment is $3,460. An inventory of supplies at the end of the year shows $2,800 on hand. 9. Equipment was purchased for $30,000 on September 30, 2022. The equipment has a salvage value of $3,600 and a useful life of 10 years. Complete the following on the forms provided: The T-Accounts (Ledger) for Creative Designs are provided. The End-of-the-year adjustments are as follows: a. The supplies were purchased throughout the year; as of December 31, 2022, $2,640 of the supplies were left. b. The prepaid advertising contract was signed on October 1, 2022, and covers a 5-month period. c. Six months of rent was paid in advance November 1, 2022. d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value and was purchased 1/2/22. Instructions: Instructions: 1. Record the adjusting entries (as detailed above in a-d) in the journal as of December 31, 2022. 2. Post the adjusting entries to the T-Accounts 3. Prepare the Adjusted Trial Balance for Creative Designs for December 31, 2022. 4 Prepare the Income Statement, Statement of Owner's Equity, and the Balance Sheet for the year ended December 31, 2022. General Journal DATE DESCRIPTION PR DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 Creative Designs T-Accounts For the Month Year December 31, 2022 151 Cash Accumulated Depreciation - Equipment Depreciation Expense - Equipment 73,000 Accounts Receivable Accounts Payable 33,100 Rent Expense 27,200 Supplies Shayla Green, Capital 122,000 19.500 Salaries Expense 21,400 Shayla Green, Drawing Prepaid Advertising 24.800 16.000 Supplies Expense Prepaid Rent 50,400 Fees Income 148,200 Utilities Expense Equipment Advertising Expense 3,800 67,200 Creative Designs Trial Balance December 31, 2022 Account Name Debit Credit Creative Designs Adjusted Trial Balance December 31, 2022 Account Name Debit Credit Creative Designs Income Statement For the year ended December 31, 2022 Revenue: - Expenses: MI Creative Designs Statement of Owner's Equity For the year ended December 31, 2022 II Creative Designs Balance Sheet December 31, 2022 Assets: Liabilities: Owner's Equity: =