Lo3 P3-43. Preparing Adjusting Entries The following information rclates to the December 3i adjustments for Kwik Print Company. The firm's fisca ycar ends on December 31 1. Weekly employce salaries for a five day weck total $1,800, payable on Fridays. December 31 of the current year is a Tuesday 2. Kwik Print has S20,000 of ntes payable outstanding at December 31. Interest of S200 has accrued on these notes by December 31, but will not be paid until the notes mature next year. 3. During December, Kwik Print provided $900 ofprinting services to clients who will be billed on January 2. The firm uses the account Fees Receivable to reflect amounts due but not yet billed. 4. Starting December 1, all maintenance work on Kwik Print's equipment is handled by Richard son Repair Company under an agrcement whereby Kwik Print pays a fixed monthly charge of S400. Kwik Print paid six months' service chargc in advance on December I, debiting Prepaid Maintenance for $2 400 The firm paid $900 cash on December 15 for a series of radio commercials to run during December and January. Onc third of the commercials have aired by December 31. The $900 5. payment was debited to Prepaid Advertisin,g Starting December 16, Kwik Print rented 400 square fect of storage space from a neighbor- ing business. The monthly rent of $0.80 per square foot is due in advance on the first of each month. Nothing was paid in Decerriber, however, becausc the neighbor agreed to add the rent 6. for the one half of December to the January 1 payment. these securities by December 31.No interest payment will be received until January during the year 7. Kwik Printvested $5,00 cash in securities on December and earned nterest of $38 on 8. Annual deprcciation on the firm's equipment is S2,175. No depreciation has been recorded Required Prepare its adusting entries required at December 31 a. using the financial statement effects template. and b. in journal entry form