Learning Outcome #4-Part A: Adjusting Entries Snyder Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. 1. The Office Supplies account started the year with a $2,500 balance. During 2017, the company purchased $10,000 of supplies The inventory of supplies available at December 31, 2017, totaled $3,000 2. The company purchased a one-year fire insurance policy on July 1, 2017, paying $1,200 for 12 months of coverage. At that time the annual premium was paid the Prepaid Insurance account was debited. 3. The company has 5 employees who earn a total of $2,000 in salaries each working day. They are paid each Monday for their work in the previous week. In 2017, December 31st falls on a Wednesday. All 5 employees worked the first three days of that week. 4. The company purchased a building on April 1, 2017. It cost $300,000 and is expected to have a S60,000 salvage value at the end of its predicted 30-year life. Annual depreciation is $8,000 5. Since Snyder Co. is not large enough to occupy the entire building it owns, it rented space to a tenant for a monthly rental fee of $5,000 on a month-to-month basis starting on July 1, 2017. To secure the space for a full year the tenant agreed to pay one year's rent in advance, and wrote Snyder Co. a check on July 1, 2017 for $60,000 which was credited to Unearned Rent. Required 1. Use the information above to prepare adjusting entries for Snyder Co. as of December 31, 2017 DATE ACCOUNTS AFFECTED DEBIT CREDIT