LO 4.3 Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. T-Account Balance Correct Balance Prepaid insurance Taxes payable Unearned rental revenue $12,000 8,850 6,000 $5,000 9.900 2,000 Prepare journal entries to record the following transactions (assume Supplies beginning balance of $6,550). 1. January 26, purchased additional supplies for cash, $9,500 2. December 31, actual count of supplies, $8,500 UTMAILA LO 4.3 Prepare journal entries to record the business transaction and related adjusting entry for the following: 1. March 1, paid cash for one year premium on insurance contract, $18,000 2. December 31, remaining unexpired balance of insurance, $3,000 LO 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $ 85,500 18,000 15,000 82,350 35,000 129,650 15,000 311,000 210,000 105,000 8,500