moldon nlog Problem 1 (25 points) Determine the adjusting entries for the following five independent scenarios on the journal page provided with the exam: 1. During the year, the firm had net credit sales of $890,000. Past experience shows that 0.9 percent of the firm's net credit sales result in uncollectible accounts. Required: Record the adjusting entry for the year ended December 31. 2. Equipment was purchased for $104,000 on November 1, 2019. The equipment has an estimated life of 5 years and an estimated salvage value of $9,000. The firm uses the straight line method of depreciation. Required: Determine the adjusting entry for the year ended December 31, 2019. 3. On December 31, 2019, the Notes Payable account had a balance of $12,000, for a 5-month, 12 percent note issued on December 1, 2019. Required: Determine the adjusting entry for the month ended December 31, 2019 4. On August 1, 2019, the firm paid a premium of $5,640 in cash for a 1-year insurance policy. Required: Determine the adjusting entry for the year ended December 31, 2019. 5. During December, the firm received $12,000 in fees in advance and properly recorded th amount as Unearned Revenue. An analysis shows that 30% of the services have been earned in December Required: Determine the adjusting entry for the month of December