Rapco Custom Cable Company prepares monthly financial statements. Listed below are some selected accounts and their balances that are taken from the January 31stTrial balance before any adjustments have been made for the month of January.Rapco Custom Cable CompanySelected Account Balances from the January 31st, 2020 Trial Balance Debit Credit Shop Supplies..........................................................................................

$ 6,300Prepaid Insurance ..................................................................................

$2,400Equipment ...............................................................................................

$60,000Accumulated DepreciationEquipment ................................................

$ 24,000Unearned Rent Revenue ........................................................................

$ 5,720An analysis of the account balances listed above by the company's accountant provided the following additional information:1. A physical count of shop supplies indicated $2,650 of supplies are still on hand at January 31st.

2. A one-year property insurance policy was purchased and paid in full January 1st for $2,400.

3. Office equipment depreciates at $12,000 per year.

4. The amount of rent revenue received in advance and still remaining unearned at January 31st is $2,860.

5. A bill was received during the first week of February from SMUD. The bill indicates it is for electrical service during the month of January, the due date for payment is February 20th. Instructions: Using the information provided above, prepare the adjusting journal entries that should be made by Rapco Custom Cable Company on January 31st, remember: you are doing adjusting journal entries for just a one-month period - the month of January.