Q: Prepare the necessary adjusting entries at December $31,2023.$

TAMN is a small business run by Ms Jenny, that sells toys, gift vouchers and provides a variety of services such as playground or music show for young children.

The Company monthly ledger including the following accounts: Supplies, Supplies expense,

Prepaid Insurance, Insurance Expense, Service Revenue, Unearned Service Revenue, Allowance for Doubtful Account, Bad debts expense, Salaries and wages expense, Salaries and wages payable.

The company's fiscal year starts from Jan $1$ to Dec $31.$ The following transactions occurred during the fiscal year $2023$:

On January $1,2023,$ the company's Supplies account reported a cost of $$12,000.$

On April $1,$ the business purchased additional supplies at a cost of $$140,000$ and recorded these in the account Supplies. At the end of the year, a physical count indicated that the supplies on hand had a cost of $$15,000.$

On January $1,2023.$ The company's Prepaid Insurance account had a debit balance of $$2,456$ for a policy that ends on $30$ June. On May $1,$ the company obtained its first insurance policy covering its property. The policy is for three years and it begins immediately on May $1.$ The insurance premium for this is $$14,400$ and it was paid on May

On January $1,2023,$ the company's Unearned Service Revenue account had credit balance of $$340,000.$ Of this balance, $$96,000$ is for the services expiring at the end of April and $$54,000$ is for the services expiring at the end of December. On March $1,$ the

company received $$72,000$ for the service lasting $18$ months. On April $1,$ the company received $$40,000$ for the service lasting $5$ months. On November $1,$ the company received $$60,000$ for the service lasting $12$ months.

On January $1,2023,$ the company's Allowance for Doubtful Account has a credit balance of $$900$ and its aging of Accounts Receivable indicated that $$3,000$ is not likely to be collected.

The company pays salaries for its employees total of $$32,000$ every alternate Monday, which covers ten full working days from Monday to Friday. Assume TAMN's end of accounting period on Tuesday, Dec $31,$ the previous salary payment was on Mon, Dec $23$ and the next salary payment is on Mon, Jan $6,2024.$

Requirement: For each of the situations listed above: Prepare the necessary adjusting entries at December $31,2023.$