Prepare year end adjusting entries for the following:

 

Paid $12,000 for the first 2 months rent. Prepare the adjusting entry for the first months rent. (3 pts) 2. Supplies had a beginning balance of $6,000. During the period, $2,000 of Supplies were purchased. An inventory of Supplies at the end of the period showed a balance of $3,000. Prepare the adjusting entry for Supplies. (3 pts) 3. A company calculated it had earned $8,000 for services performed on a $29,000 contract that was paid by a customer in advance. Prepare the adjusting entry. (2 pts) 4. Wages are paid Friday for a five day work week. Wages are $80,000 per week. Prepare the Adjusting entry required on 8/31, if 9/1 falls on Thursday. (2 pts)