Record the adjusting entries at December 31, using journal entry format.

P23 Gaffney Company had these adjusting entry situations at the end of December 1. On July 1, Gaffney Company paid $1,200 for one year insurance policy. The policy was for the period July 1 through June . The traction was recorded as prepaid insurance and a reduction in 2. On September 10, Gaffney Company purchased $500 of supplies for cash. The purchase was recorded as supplies On December 31, it was determined that various supplies had been consumed in operations and that supplies costing 5200 reained on hand 3. Gaffney Company received $1,000 on December for services to be performed in the following year. This was recorded on December I as an increase in cash and as revenue. As of December 31. this needs to be recognized as Uneaed Revenue, alability account 4. As of December 31, Interest changes of $200 have been incurred because of borrowed funds. Payment will be made until February. A liability for the interest needs to be record, as does the Interest expense 5. As of December 31, a 5500 ability for salaries needs to be recognized 6. As of December 31, Gaffney Company had provided services in the amount of $400 for Jones Company. An asset, Accounts Receivable needs to be recognized along with the revenue