Required:

For each of the following transactions determine if the transaction is an adjusting entry. If so$,$ select the Income Statement and Balance Sheet Accounts required to record the adjustment. $($Note: If the transaction is not an Adjusting Entry select $"$No Adjustment Needed" for both columns.$)$

$\backslash$table$[[$Transaction$,$Income Statement Account,Balance Sheet Account$],[\backslash$table$[[1.$ Supplies for office use were purchased during the year for $$500,$ of$],[$which $$100$ remained on hand $($unused$)$ at year$-$end.$]],,],[\backslash$table$[[2.$ Interest of $$250$ on a note receivable was earned at year$-$end,$],[$although collection of the interest is not due until the following year.$]],,],[3.$ $$500$ was collected from customers for services billed last month.,,$],[\backslash$table$[[4.$ At year$-$end, salaries and wages payable of $$3,600$ had not been$],[$recorded or paid.$]],,],[\backslash$table$[[5.$ At year$-$end, one$-$half of a $$2,000$ advertising project had been$],[$completed for a client, but nothing had been billed or collected.$]],,],[6.$ Purchased and received $$10,000$ of new equipment on account.,,$],[\backslash$table$[[7.$ Provided customers with preordered album on the album release day$],[$valued at $$2,500.]],,],[\backslash$table$[[8.$ Last month the companypaid the cost of a three$-$year fire insurance$],[$policy$.]],,]]$