Record the adjusting entries as of 12/31 for the following transactions. Assume the original transactions were journalized correctly and no adjusting entries have been made yet this year. Supplies of $800 were purchased on account 3/1. At year end just $210 of supplies remain. Received $16800 in advance from Client Co. on 9/1 for work we'll perform evenly from Oct 1 Paid $3360 on 8/1 for 12 months insurance in advance. Purchased $42400 of equipment on 5/31. The equipment has a 5 year life and salvage value Borrowed $7000 on 6/30 and signed a 9 month 7% note with interest and principal due at Paid 6 months rent in advance of $25200 on 10/1. General Journal Date Account/Explanation PR Debit Credit Dec 31 (Adjust for money borrowed) Dec 31 (Adjust for rent consumed) Dec 31 (Adjust for insurance consumed) Dec 31 (Adjust for equipment expired) Dec 31 (Adjust for supplies consumed) Dec 31 (Adjust for work performed Client Co)