Prepare adjusting journal entries for the year ended (date of) December 31, for each of these separate situations. (Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collecter in advance of work are initially recorded as liabilities.) a. Depreciation on the company's equipment for the current year is computed to be $18,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. c. The Supplies account had a $700 debit balance at the beginning of December; and $3,480 of supplies were purchased December. The December 31 physical count showed $300 of supplies available. d. Two-thirds of the work related to $15,000 of cash received in advance was performed this period. e. The Prepaid Prent account had a $6,800 debit balance at December 31 , before adjusting for the costs of prepaid rent expired. An analysis of the rental agreement showed that $5,800 of prepaid rent had expired. f. Wage expenses of 53,200 have been incurred but are not paid as of December 31