Received cash for advance payment from customer. Accured employee salaries and wages for October. Prepare the necessary adjusting entries at December 31, 2016, for the Falwell Con ing situations. Assume that no financial statements were prepared during the year recorded. A three-year fire insurance policy was purchased on July 1, 2016, for $12,000. ance expense for the entire amount. Depreciation on equipment totaled $15,000 for the year