Preparing Accounting Adjustments lensEx, a maling service, has just completed its first year of operations on December 31. Its account balances before year-end adjustments follow no adjusting entries have been made to the accounts at any time during the year. Assume all balances are normal. Question 4 Partially Mark 14.00 out of 105.00 question Cash 12.300 Accountable 7,168 Prepaid advertising 2352 Supplies 8778 Equment 59.136 No pay 10,500 Accounts payable 1780 Cock 13342 Lodding Maling fees samed 120,400 Wage expense exper Utaties expense 54320 0.000 4228 An analysis of the firm's records reveals the following (business began on January 1) 1. The balance in prepaid advertising represents the amount paid for newspaper adverthing for one year. The agreement, which calls for the same amount of space each month covers the period from February 1 of this first year to January 31 of the following year. BensEx did not advertise during its first month of operations 2. Equipment, purchased January 1, has an estimated life of eight years. 3. Utilities expense does not include expense for December, estimated at $455. The bill will not arrive until January of the following year. 4. At year-end, employees have earned $3,360 in wages that will not be paid until January 5. Supplies available at year end amount to $2,128. 6. At year end, unpaid interest of $630 has accrued on the notes payable 7. The firm's lease calls for rent of $805 per month payable on the first of each month, plus an amount equal to 0.75% of annual mating fees earned. The rental percentage is payable within 15 days after the end of the year. Prepare the required adjusting entries using the financial statement effects template Note: For each account category, indicate the appropriate account name. Enter "Turk" for any account category that is not used for a given transaction Note: indicate a decrease in an account category by including a negative sign with the amount Income Statem Net income