Prepare Adjusting JEs for the following adjustment data:

1. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. Record the accrued wages for this year.
2. At year-end, the company had earned interest revenue of $1,500. The cash will be collected on March 1 of the next year. Record the accrued revenue for this year.
3. On March 1 of the current year, the company borrowed $60,000 at a 10 percent interest rate to be repaid in five years. Record the interest accrued for this year.
4. On the last day of the current year, the company received a $360 utility bill for utilities used in December. The bill will be paid in January of next year. Record the accrued expense for this year.
5. A two-year insurance premium of $4,800 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance in October. Record the adjustment for deferred expenses now used up for this year.
6. The company paid $1,800 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through December. The bookkeeper debited the full amount to Prepaid Advertising on January 1.
7. On December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.
   • Shipping supplies on hand, January 1 of the current year $13,000
   • Purchases of shipping supplies during the current year 75,000
   • Shipping supplies on hand, counted on Dec 31 of the current year 20,000

8. The following data relating to Construction Equipment were obtained from the records and supporting documents.

• • • Construction equipment (at cost) $340,000
    • Accumulated depreciation (through December 31 of the prior year) $132,000
    • Estimated annual depreciation for using the equipment $34,000