Prepare adjusting journal entries, as needed, for the following items. (a) The Supplies account shows a beginning balance of $500. The company purchases an additional $3,500 of office supplies for cash but a count of supplies reveals only $700 on hand at year-end. (b) The company purchases 12 months of insurance on July 1st for $24,000 by debiting prepaid insurance. It is now December 31st and 6 months of insurance has been used. Record the necessary adjusting entry as of December 31st. (c) A company borrows $20,000 with 8% interest on October 1st, 2010. This amount plus interest is due on March 31st. 2011. Record the adjusting entry on December 31,2010. (d) At year-end, the company received a utility bill for Decembers electricity usage of $200 that will be paid in early January. e) A company purchases new equipment for $24.000 cash on January 1st. 2010. The equipment is expected to have a $6.000 salvage at the end of it's 4 year useful life. Record the adjusting entry for depreciation using straight-line as of December 31st. 2010 HTML Editor