My Company had the following transactions during its first month of operations: Dec 2 Purchased $16,000 of furniture on account for the office. Dec 3 Purchased $1,200 of supplies on account. Dec 5 Purchased a one year insurance policy for $2,100. On December 31, the following adjustments must be made: The furniture, which has no salvage value and a 60-month (or 5 year) useful life, needs to t depreciated for ONE MONTH using straight-line depreciation (Hint: Cost - Salvage / useful in months). A physical count shows only $600 of supplies remains in the storage closet. One month of the 1-year insurance policy has been used. Prepare adjusting entries required. Date Description Debit Credit Dec 31