Question $1$

Prepare adjusting entries for the following transactions:

Company XYZ started the period with $$200$ of office supplies. During the period the company purchased $$500$ of office supplies on account. At the end of the period an analysis revealed $$100$ in office supplies on hand.

Unpaid wages at the end of the period were $$400.$

Services performed but not yet billed to the client $-$$$7,000.$

Depreciation of office equipment for the period $-$ $$250.$

Services paid for in advance by the customer now earned $-$$$700.$

Prepaid insurance expired during the period $=$$$100$