QUESTION 1 (15 marks) Required: Prepare the required adjusting journal entry at December 31 for the following situations: a) Cash of $5,220 was collected on November 1st for services to be rendered evenly over the next year, beginning on November 1st. Unearned Maintenance Revenue was credited. + Cash 5220 b) On April 1st the company borrowed $16,000 from a local bank and signed a 9% note for that amount. The principal and interest are payable on March 31st of the next year. c) The company earned service revenue of $2,000 on a job that was completed on December 29th. Collection will be made during January of next year. No entry has been recorded. d) On May 1st the company purchased equipment at a cost of $22,750. The equipment is expected to have a useful life of 5 years and a residual value of $4,000. e) On September 30th the company paid $3,200 for a six-month insurance policy. The entire amount was debited to Prepaid Insurance at that time