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Racer X Co. prepares annual adjusting entries as of December 31 . The company uses the following accounts and numbers: Additional information pertaining to Racer's 12/31/22 adjusting entries is as follows: 1. The balance in the prepaid insurance account is $3,600. This represents a one-year policy purchased on August 1, 2022. 2. Equipment was purchased on July 1,2022 . It depreciates at a rate of $6,000 per year. 3. The company sold annual magazine subscriptions. $120,000 was collected in advance on November 1 , 2022 for 12 monthly issues. Distribution of the monthly magazines began in November. 4. On October 1,2022 , the company borrowed $2,000 on a six-month note at 8%. INSTRUCTIONS: For each of the above items indicate: 1. The type of adjustment (prepaid expense, depreciation, unearned revenue, accrued revenue, or accrued expense). 2. Use the account numbers from above to indicate which accounts should be debited and credited. Also, enter the appropriate doliar amount of the adjustment in the corresponding debit/credit columns. Show your work for any calculations made