QUESTION 17 Recording Adjusting Entries Use the t-accounts provided to prepare Archie Corporation's adjusting entries related to the following transactions Archio records adjusting entries once per year on December 31. Arrange all t-accounts in the proper asset. liability or equity column. You may not need all t-accounts given for each transaction NOTE Enter dollar values with no dollar sign and appropriate commas leg. 5,000l. Every box needs an answer. If there is no dollar value for the box, put a "o" in the space provided. If the t-account is not used, write "Blank" for the account title. ASSETS LIABILITIES EQUITY Example: Archie borrowed $12,000 from a bark on May 1: The loan has an annual interest rate of 5% The original amount of the loan and the related interest will be paid on May 1 of the following year. This is the entry for the original transaction when Archie received the cash. It is intended to show you how to format your adjusting entries below. Cash Notes Payable Blank 12.000 o o 12.000 O 0 1. Archie received $10.000 from a customer on October 1 related to services it would provide the customer over the next 6 months. $4.000 of services had been provide by December 31. Prepare the adjusting entry needed on December 31 2. On August 1. Archie paid $12.000 for insurance on its manufacturing buildings for the next 12 months. Prepare the adjusting entry needed on December 31. 3 By December 31. Archie had provided $20.000 of services to a customer and had not yet billed them Prepare the adjusting entry needed on December 31 4. Archie borrowed $12.000 from a bank on May 1. The loan has an annual interest rate of 5%. The original amount of the loan and the related interest will be paid on May 1 of the following year. Prepare the adjusting entry needed on December 31 5. Archie purchased a new machine for 12.000 on April 1. The machine had an estimated useful life of 3 years. Prepare the adjusting entry needed on December 31 4 Archie borrowed $12,000 from a bank on May 1. The loan has an annual interest rate of 5%. The original amount of the loan and the related interest will be paid on May 1 of the following year, Prepare the adjusting entry needed on December 31 5 Archie purchased a new machine for 12.000 on April 1. The machine had an estimated useful life of 3 years. Prepare the adjusting entry needed on December 31