Part I: General Adjusting Entry Concepts For each description below, identify the adjusting entry category: Depreciation, Prepaid Assets, Accrued Expenses, Unearned Revenue, or Accrued Revenues. A) Record an expense in the current period that will be paid in cash in a future period. B) Receive cash in the current period that will be recorded as a revenue in a future period. C) Record a revenue in the current period that will be collected in cash in a future period. D) Pay cash in the current period that will be recorded as an expense in a future period. E) Allocate the cost of a long-term asset to the income statement. Identify the account types used by each adjusting entry category: Asset, Liability, Owners' Equity, Revenue, Expense, or Contra Asset. Part II: Adjusting Journal Entries Prepare the following adjusting journal entries. The company operates on a monthly accounting period. A) The Supplies account shows a current balance of $5,000 but a count of supplies reveals only $3,200 on hand at the end of the month. What is the amount of the adjusting entry? B) The company purchased equipment costing $30,000 on January 1 . The equipment has an estimated life of 5 years. At the end of the first year, the Accumulated Depreciation account has a balance of $6,000. What is the book value of the asset at the end of year 1 ? C) Employees work Monday through Friday and are paid each Friday. Employees work two days at the end of the month and earn $1,500 that won't be paid until next month. Record the adjusting entry. D) The company receives an advance payment of $12,000 from a customer. The company will provide a service to the customer for 3 months at a rate of $4,000 per month. After the first month of service has been provided what is the balance left in the Unearned Revenue account