Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January a. Purchased a one-year insurance policy on January 2 for $2, 400 b. On January 1 the supplies account indicated a $680 balance On January 31 a physical inspection reveals $200 on hand c. Equipment was purchased last October 1 for a cost of $10,000 It is estimated to have a 5 year useful life and a $500 residual value. What is the depreciation adjusting entry for January? d. A customer had prepaid $1 200 for future services last September 10 At January 31, all but $200 of the work has been performed in January e. Made arrangements with the local paper to run an ad every Wednesday for $50 each There are four Wednesdays in January At January 31, the bill had not yet been received All accruals are done once a month f. As per a contract we have completed performance on a service agreement for a client in the amount of $320 As of January 31, the client had not yet been billed