Parham Photography Company, a commercial photography studio, opened on January 2, and has just completed its first year of operations on December 31. Account balances before yearend adjustments are shown below. No adjustments to any account have been made during the year. Assume all balances are normal. In examining Parham's records, we find the following information shown below. A. You are to prepare any necessary adjusting entry. Show labeled work for computations. If no entry is needed, write NO AJE. 1. Photography services of $1,850 have been rendered, but customers have not been billed yet. 2. Equipment purchased January 2 has an estimated life of 10 years. 3. Utilities for December are estimated to be $400-Parham will not receive the bill until sometime in January. Parham has paid all prior bills in a timely manner. 4. The prepaid rent balance represents the amount paid in January for a 30 -month lease for the studio it uses. 5. In November, customers paid $2,600 in advance. By yearend, Parham had completed the necessary services for 3/4 of these jobs. 6. A three-year business liability insurance premium of $2,970 was paid on January 2. 7. A physical count of photography supplies at December 31 showed that $1,020 of supplies were remaining. 8. Payday for $375 of time worked by employees in December falls in January. B. Provide SEPARATE labeled calculations for the impact on Parham's financial statements if the following adjusting entries were not recorded. Treat these as independent issues! a. 1 b. 3 c. 5