Prepare the appropriate adjusting journal entries for Company ABC. Assume that all entries are made at the end of the year, December 31, 2017.

1.ABC Co completes a print job for a customer on December 31, 2017, but has not been paid or received the $1,500 cash payment due.

2. On January 1, 2017, a building is purchased with a cost of $450,000 and a salvage value of $50,000. The building has a useful life of 30 years and ABC uses straight-line depreciation

3.ABC moved into its new building on November 1, 2017. The landlord demanded that ABC pay 6 months' rent in advance at $3,000 per month. At that time, the bookkeeper debited the rental expense and credited the cash.

4. ABC Company pays each of its 10 employees $300 per day, the pay week is Monday through Friday, and the pay day is the following Tuesday. ^December 31 is Thursday.

5.ABC borrows $200,000 at 8% from Citibank on June 1, 2017. ABC has not yet made any payments to Citibank.

6. ABC's balance sheet reports unearned income in the amount of $45,000, representing $5,000 received from 9 customers. During the month, ABC delivered and installed machinery for 4 of the clients.

^7.ABC invested in a $200,000 8% bond issued by STU Company on March 1, 2017. No payments have been received from STU to date.

8. ABC reports a balance in its accounts receivable account of $2,220,000. The controller estimates that ABC will not be able to collect 3% of the account receivable based on past experience. (Hint: We're trying to record the estimated bad debt expense.)

9. The trial balance reports Sales revenue of $760,000, Cost of goods sold of $230,000, Advertising expenses of $80,000, Selling expenses of $72,000, and Tax expense of $16,000. You have been asked to prepare the closing entry.

10.ABC purchased a 24-month insurance policy on April 1, 2017 in the amount of $4,800.

11. ABC has a beginning inventory of supplies of $3,200 and makes additional purchases of $12,000 during the year, charging for supplies. The year-end balance of supplies on hand is $4,800.