Question 1 (6 marks) Gibson Company had these adjusting entry situations at the end of December 2022: 1. On 01 May 2022, Gibson Company paid $960 for a one-year insurance policy. The transaction was recorded as insurance expense. 2. On 01 December 2022, Gibson Company purchased $400 of supplies for cash. The purchase was recorded as an asset, supplies. On 31 December 2022, it was determined that various supplies had been consumed in operations and that supplies costing $300 remained on hand. 3. Gibson Company holds a note receivable for $4,000. This note is interest-bearing. The interest will be received when the note matures. The note is a one-year note receivable made on 30 June 2022, bearing 5% simple interest. 4. Gibson Company owes salaries in the amount of $800 at the end of December 2022. 5. On 20 December 2022, Gibson Company received $600 for services to be performed. These services had not been performed as of 31 December 2022. A liability, Unearned Revenue, needs to be recognized, and revenue needs to be reduced. 6. On 25 December 2022, Gibson Company received a $400 bill for advertising in December 2022. The liability account, Accounts Payable, needs to be recognized along with the related expense. Required: Record the adjusting entries at 31 December 2022.