journalize the necessary adjusting entries for the company at the end of 2010. show supporting computations in your journal entry explanation

ADJUSTING ENTRIES The Franklin Retail Company entered into the following transactions during 2010. The transactions were properly recorded in real accounts unless otherwise indicated. Date Jan 25 Feb. 1 Mar 1 Transaction Purchased $480 of office supplies Rented a warehouse from Tropple Company, paying one year's rent of $3.600 in advance. Borrowed $10,000 from the bank, signing a one-year note at an annual interest rate of 12%. The interest was collected in advance by the bank. In other words, the applicable interest collected in advance was deducted from the $10,000. Purchased office equipment for $15,000 paying $3,000 down and signing a two-year, 12% note. The office equipment is expected to have a useful life of 10 years and a residual value of $1,500. Straight line depreciation is appropriate. Purchased a three-year comprehensive insurance policy for $720. Sold land for $9,000. The purchaser made a $2,000 down payment and signed a One-year, 10% note for the balance. The interest and the principal will be collected on the maturity date. May 1 May 31 Aug 1 Oct 1 Nov 13 Rented a portion of the retail floor space to a florist for $120 per month, collecting eight months' rent in advance. Issued checks to sales personnel totaling $900. The checks are advances for expected travel costs during the remainder of the year