Prepare journal entries for the following transaction using the accrual basis of accounting. Purchased office equipment costing $20,000 on account. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Equipment-debited 20,000 Arial V 10pt Cash Accounts Receivable Office Supplies Prepaid Insurance Accounts Payable John Runners, Capital John Runners, Withdrawals Fee Revenue Advertising Expense Utilities Expense Wages and Salaries Expense $ 9,000 3,600 950 2,000 3.900 7,500 1,300 8,700 550 400 2,300 Runners and Friends Unadjusted Trial Balance December 31, 202X a. During the year, $500 of the insurance policy has expired. What is the adjusting journal entry? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) Runners and Friends Unadjusted Trial Balance December 31, 202X Cash Accounts Receivable Office Supplies Prepaid Insurance Accounts Payable John Runners, Capital John Runners, Withdrawals Fee Revenue Advertising Expense Utilities Expense Wages and Salaries Expense $ 9,000 3,600 950 2,000 3.900 7,500 1,300 8,700 550 400 2,300 a. Wags and salaries owed to employees on December 31, 202X, amount to $200. What is the adjusting journal entry? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).