P 2-8 Adjusting entries [S LO - 6 Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,2024 , appears below. December 31 is the company's reporting yearend. The company uses the perpetual inventory system. Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over a ten-year useful life with no residual value. 2. Accrued salaries at yearend should be $4,500. 3. The company borrowed $30,000 - Sen September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a Page t03 year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at yearend cost $500. 5. Prepaid rent expired during the period is $13,000. Required: Prepare the necessary December 31, 2024, adjusting entries