Sheffield Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow: 1. 2. On January 2, purchased supplies for $3,910 cash. A physical count at December 31 revealed that $720 of supplies were still on hand. Purchased a vehicle for $41,300 on April 1, paying $5,900 cash and signing a $35,400 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interest of 3%, payable at maturity. 3. Purchased a $3,300, one-year insurance policy for cash on August 1. The policy came into effect on that date. 4.1 5. Received a $1,490 advance cash payment from a client on November 9 for services to be performed in the future. As at December 31, half of these services had been completed. On December 1, the company rented additional office space for a six-month period starting on December 1 for $1.140 each month. It paid rent for the months of December and January in advance on this date. (a) For each of the above situations, prepare the journal entry for the original transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) MacBook Air For each of the above situations, prepare the journal entry for the original transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Sr no. Date Account Titles and Explanation 1. 2. 5. MacBook Air Debit Credit (b) For each of the above situations, prepare any adjusting entry required at December 31. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round all amounts to the nearest dollar.) Sr Date Account Titles and Explanation no. Dec. 1. 31 2. Dec. 31 Dec. 2. 31 3. (Record entry for depreciation expenses) Dec. (To accrue interest on bank loan) 31 Debit Credit Question 6 of 6 2 Dec. 31 (Record entry for depreciation expenses) -/15 3 Dec. 31 (To accrue interest on bank loan) Dec. 31 Dec. 5. 31 eTextbook and Media List of Accounts