Record adjusting entries

January 29: Purchased a 12-month public-liability insurance policy for $2,700. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on February 1. January 31: Received a bill from Universal Utilities for the month of January, $470. Payment is due in 30 days. January 31: Equipment rental fees earned during second half of January and received in cash amounted to $19,500