Problem 1: Adjusting Entries (2 points each, 16 points total) vrue the necessary adjusting entry. If there is no adjusting entry, write "NO JE . You will be graded on neatness, format, and correct JE's. Unless otherwise indicated, assume year-end is on 12/31 and the original entries are journalized to balance sheet accounts. 1. At the beginning of the period, a X-Company reports a balance in office supplies of $300. During the period, the company purchases an additional $3,500 of office supplies for cash. By the end of the period, only $700 of office supplies remains on hand. 2. On March 31, 20x1 the Y-Company paid for two years rent for $48,000 cash. They originally booked the entire rent to Rent Expense. Prepare the adjusting entry for 12/31/xl. 3. Using the information in #2, provide the adjusting entry on 12/31/x2. (No reversing entry was made.) 4. On March 31, 20x1 the company paid for two years rent for $48,000 cash. They originally booked the entire amount to Prepaid Rent. Prepare the adjusting entry for 12/31/x1. the information in #4, provide the adjusting entry on 12/31/x2. (No reversing entry was made.) 0 Joe's Candies is preparing adjusting entries for year-end. Joe estimates that he will have to pay approximately $3,000 in lawsuits related to this year's sales. Prepare the adjusting entry. 7. Cathy from Cathy's Cat Motel is preparing her annual reports. Cathy has estimated $200 of depreciation must be booked. 8. Cathy from Cathy's Cat Motel is preparing her annual reports. Cathy noticed that $400 of her inventory has been taken