Ricardo Construction began operations on December 1 In sctting up its accounfcng procedures, the company decided to debt expense accounts when it prepays is expenses and lo credit revenue accounts when customers pay tor services m advance Prepare journal entries tor dews a through d and the adjusting entnes as of its December 31 period-end tor items e through g Suppbcs are purchased on December 1 tor $3,400 cash The company prepad its nsurance premiums lor $2,240 cash on December 2. On December 15. tie company receives an advance payment ol $27,040 cash from a customer for remodetnq work On December 28 the company receives $5,100 cash from another customer tor remodeling work to be performed m January A physical count on December 31 that the Company has $1,980 of supplies available An analysts of tie insurance pokaes m effect on December 31 shows that $480 of insurance coverage had expired As of December 31. only one remodebag project has been worked on and completed The $5,710 tee for Bus project had been received in advance and recorded as remodekng fees earned