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Several transactions for Kincaid Co. are presented below. The company adjusts its books only at year-end. a. On February 1, Kincaid Co. leased a warehouse to another company for $48,000 for a three-year period. The company credited a revenue account on February 1 when the total amount of $48,000 was received in cash. b. On September 1, Kincaid Co. paid $6,000 to a local trucking company for certain deliveries spread evenly over a two-year period of time. The company charged an asset account on September 1. c. On May 1, the company borrowed $10,000 on a 12%, one-year note. d. On March 10, Kincaid Co. bought $300 of office supplies and debited the office supplies account. At the beginning of the year, office supplies of $50 were on hand and disclosed on the January 1 balance sheet. At the end of the year, there were $64 of office supplies on hand. Required: Prepare adjusting entries for December 31. CHART OF ACCOUNTS Kincaid Co. General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 421 Rent Revenue 141 Inventory 431 Interest Revenue 152 Prepaid Delivery Expense 155 Office Supplies EXPENSES 157 Interest Receivable 500 Cost of Goods Sold 511 Delivery Expense 181 Buildings 512 Utilities Expense 182 Accumulated Depreciation 521 Salaries Expense 531 Insurance Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 536 Office Supplies Expense 224 Interest Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Rent Revenue 557 Selling Expenses 261 Income Taxes Payable 559 Miscellaneous Expense 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings Prepare adjusting entries for December 31 General Journal Instructions GENERAL JOURNAL DEBIT POSTRE DATE ACCOUNT TITLE Adjusting Entries 1 2 3 4 5 6 7 3