Lamorte Towing Company is at the end of its fiscal year, December 31, 2017. The following data that must be considered were developed from the companys records and related documents: a. On January 1, 2017, the company purchased a new hauling van at a cash cost of $24,600. Depreciation estimated at $4,000 for the year has not been recorded for 2017. b. During 2017, office supplies amounting to $1,000 were purchased for cash and debited to supplies inventory. At the end of 2013, the inventory of supplies remaining on hand (unused) was $400. The inventory of supplies on hand at December 31, 2017, was $250. c. On December 31, 2017, the company completed repairs on one of its trucks at a cost of $1,200; the amount is not yet recorded and, by agreement, will be paid during January 2018. d. On December 31, 2017, property taxes on land owned during 2017 were estimated at $1,500. The taxes have not been recorded, and will be paid in 2018 when billed. e. On December 31, 2017, the company completed a contract for another company for $6,000 payable by the customer within 30 days. No cash has been collected, and no journal entry has been made for this transaction. f. On July 1, 2017, a one-year insurance premium on equipment in the amount of $1,200 was paid and debited in full to prepaid insurance on that date. Coverage began on July 1. g. On October 1, 2017, the company borrowed $11,000 from the local bank on a one-year, 6 percent note payable. The principal plus interest is payable on September 30, 2018. h. Earnings before any of the adjustments or income taxes equalled $30,000. The companys income tax rate is 40 percent. (Hint: Compute adjusted pretax earnings based on transactions (a) through (g) to determine the income tax expense for 2017.) Required:

1. Indicate whether each transaction relates to a deferred revenue, a deferred expense, an accrued revenue, or an accrued expense.

2. Prepare the adjusting entry required for each transaction at December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)