Phenominal Fashions, a department store, has the following unadjusted account balances as of December 31, 2022, the company's year-end: (Click the icon to view the unadjusted balances.) The following information applies to the adjusting journal entries: (Click the icon to view the information for the adjusting entries.) Requirement Prepare the journal entries necessary to record the adjustments at year-end. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) At year-end, Phenominal Fashions makes necessary adjusting journal entries to properly record revenues and expenses for the year. The prepaid insurance balance relates to a two-year insurance policy purchased in June that covers the period of July 1, 2022. to June 30, 2024 Account December 31 More Info The prepaid rent balance relates to rent that was paid in January to cover the company's facilities for the current year X Account December 31 Unadjusted Balances The prepaid insurance balance relates to a two-year insurance policy purchased in June that covers the period of July 1, 2022, to June 30, 2024. The prepaid rent balance relates to rent that was paid in January to cover the company's facilities for the current year. Wages for the year in the amount of $232,000 will be paid after year-end and have not yet been recorded. . Phenominal purchased the buildings in the beginning of the year and depreciates on a yearly basis. It must record a full year of depreciation at the end of 2022. The buildings have no residual value, a 30-year estimated useful life, and will be depreciated on a straight-line basis. Phenominal has not yet recorded interest expense for 2022 on the note payable in the amount of $17.500 Wages for the year in the amount of $232,000 will be paid after year-end and have not yet been recorded. Account December 31 . Cash: $3.205.000 Accounts Receivable: $1,230,000 Prepaid Insurance: $247200 Prepaid Rent: $420.000 Buildings: $3,570,000 Accumulated Depreciation-Buildings: $370,000 Accounts Payable: $220,000 . Wages Payable: $390.000 Note Payable: $320,000 . Common Stock: $1,100.000 . Sales Revenue: $7,032.200 . Wage Expense: $950,000 Utilities Expense: $120.000 Insurance Expense: $150,000 Interest Expense: $230,000 - Rent Expense: $210,000 . Depreciation Expense-Buildings: 50 Print Done Phenominal purchased the buildings in the beginning of the year and depreciates on a yearly basis. It must record a full year of depreciation at the end of 2022. The buildings have no residual value. a 30-year estimated useful life, and will be depreciated on a straight-line basis. Account December 31 Print Done Phenominal has not yet recorded interest expense for 2022 on the note payable in the amount of $17.500. Account December 31