Oriole Company has the following balances in selected accounts on December 31, 2020. Service Revenue Insurance Expense Supplies Expense $39,000 3,060 2,800 All the accounts have normal balances. Oriole Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. 1. Oriple Company paid $3,060 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Oriole Company collected $39,000 for consulting services to be performed from December 1, 2020, through March 31, 2021 A count of supplies on December 31, 2020, indicates that supplies of $500 are on hand. 2. 3. Prepare the adjusting entries needed at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare the adjusting entries needed at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation Dec. Prepaid Insurance 31 1. 3060 Insurance Expense 3060 Dec. 2 Cash 31 39000 Service Revenue 39000 3. Dec 31 Supplies 500 Supplies Expense 500