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KLN Ltd. is adjusting its accounts in preparation for finalizing its financial statements for the year ended December 31,2022 The company has identified the following

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KLN Ltd. is adjusting its accounts in preparation for finalizing its financial statements for the year ended December 31,2022 The company has identified the following information about items requiring adjustment: a) The company paid its annual insurance policy of $30,000 on September 1,2022 . The policy provides coverage for the period September 1,2022 to August 31, 2023. b) The company incurs $500 per day in wage expense. Employees were last paid on December 26,2022 and at Docember 31, 2022 are owed 5 days of wages. c) The balance in the company's supplies account on December 31,2022 was $7.540. The company counted the supplios and only $680 of supplies were on hand at December 31,2022. d) The company estimated depreciation expense on its office equipment was $3,570 for the year. e) The company had an outstanding loan of $20.000 with interest payable on the first day of each month. On Decomber 31 , 2022 , the company owed $200 of interest that was unrecorded in the company's books. f) On December 15,2022 a customer paid the company $2,000 for services to be done in December and January On December 31 , the company determined that $1,500 of work remained outstanding on that date. Required: Prepare the adjusting joumal entry for each of the above items at December 31,2022 (12 marks)

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