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Please answer ALL the following questions Each adjusting entry has either a debit to a account, or a credit to a account. ADDITIONAL ADJUSTNGENTRIEVINLY-PRACTICE Prepare

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Each adjusting entry has either a debit to a account, or a credit to a account. ADDITIONAL ADJUSTNGENTRIEVINLY-PRACTICE Prepare the following adjusting entries for December 31,2017. Assume that ne prier adjustments have been made during the year. The su pplies account showed a beginning balance of $2,321. Purchases of supplies during the year were $1,500. The amount of supplies used during the year was $1,221. The prepaid insurance account shows a balance of $12,000. The $12,000 represents a one-year policy purchased April 1. Estimated depreciation for office equipment is $1,500. The company calculated that as of December 31, it has earmed $800 on a $4,000 contract that would be completed and billed in January The company, which has a five-day workweek pays salaries of $20,000 every Friday. Assume that January 1 falls on Wednesday. The company received $24,000 on December 1 for a two-year service contract. Work on the job began immediately The company prepaid $9,000 for one year's rent on October 1

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