points Save Answer Instructions: Prepare the necessary adjusting entries, if any, for XYZ Corporation on December 31, 2021. Omit explanations. Enter your answers in the table following the questions. Omit explanations (28 points) a.) On June 1, 2021, XYZ paid an insurance company $24,000 for a two-year fire insurance policy. XYZ recorded the insurance payment to prepaid insurance. No further entries have been made. Record the adjusting entry, if any, for 12/31/21. b.) Office equipment, purchased in 2018 for $120,000, has no salvage value and an estimated useful life of 10 years. The unadjusted trial balance has the following balances: office equipment: $120,000; accumulated depreciation-office equipment: $45,000; and depreciation expense: $9,000. Record the adjusting entry, if any, for 12/31/21 c.) On November 1, 2021, the company paid $10,000 rent for the five months commencing November 1, 2021 to the owner of the building. XYZ recorded the payment to rent expense. No further entries have been made. Prepare the adjusting entry, if any, for 12/31/21. d. A customer paid XYZ $5,000 in December for products to be delivered in January 2022. XYZ recorded the payment to revenue. Prepare the adjus ing entry, if any, for 12/31/21. e.) There are ten employees. Salaries and wages are paid every Friday for work performed through Friday. Four employees receive $900 each per week, and six employees earn $1,200 each per week. December 31 is a Tuesday. Employees work a 5 day work week. Employees do not work weekends. Prepare the adjusting entry, if any, for 12/31/21. f.) During 2021, XYZ purchased $2,550 of advertising supplies. The company recorded the purchase as advertising supplies expense. On 12/31/21, advertising supplies of $600 are on hand. expense. g.) On April 1, 2021, the company borrowed $30,000 from a bank and a 10-month note was signed requiring principal and interest at an annual interest rate of 10% be paid January 31, 2022. No interest has been recorded associated with this note in 2021. any and nog Transaction ADJUSTING ENTRIES Account Description a Debit Credit a b b d d e e f f 0909