Question 19 6 pts Ditcher, Quick & Hyde is a law firm. The firm's latest fiscal year ends on October 31st, 2016. The firm's accounting staff collected the following information related to year-end adjusting entries: 1. The balance in Supplies on November 1st, 2015 was $9,800. Purchases of supplied during the year totaled $23,700. A physical count as of October 31st, 2016 showed supplies on hand with a cost of $8,600. 2. On February 1st, 2016 the firm paid $42,000 for a one-year business insurance policy. a 3. October 31st falls on a Tuesday. The firm's weekly payroll is $140,000 for a five-day, Monday-Friday, week. The last pay date was Friday, October 27th and the next pay date is Friday, November 3rd 4. As of October 31st the firm's lawyers had various jobs in progress for which its clients will pay upon completion of the related cases. The attorneys' time sheets showed 870 hours had been worked on those cases that were in progress at fiscal year end. The firm's normal billing rate is $250 per hour. 5. During the year the firm received retainers, i.e. advance payments, from clients for services to be provided in the future. Those retainers totaled $120,000 for 480 hours of anticipated attorneys' time. As of October 31st, 270 hours of time had been employed on those jobs. The firm's normal billing rate is $250 per hour. 6. On September 1st, 2016 the firm paid its landlord $97,800 for six month's rent in advance. Journalize the necessary adjusting entries as of October 31st in the space below. Skip a line between entries, use correct account names and make sure the entries are in the proper form. The firm's ledger includes the following accounts: Accounts Receivable, Prepaid Insurance, Supplies, Prepaid Rent, Salaries Payable, Unearned Fees, Fees Earned, Salaries Expense, Supplies Expense, Insurance Expense, Rent Expense. Edit View Insert Format Tools Table