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Prepare adjusting entries for the following transactions. Omit explanations. 1. Depreciation on equipment is $600 for the accounting period. 2. There was no beginning balance of supplies and purchased $500 of supplies during the period. At the end of the period $150 of supplies were on hand. 3. Prepaid rent had a $1,200 normal balance prior to adjustment. By yearend $400 was ynexpired Use the following income statement for the year 2020 for Belle Company to prepare entries to close the revenue and expense accounts for the company. Service revenue $85,000 Expenses: Salaries and Wages Expense $40,000 Rent Expense 12.500 Advertising Expense 8.700 Total expenses 61,200 Net income (loss) $23.800 Coe Company earned net income of $56.000 during 2020. The company had ownen drawings totalling \$35,000 during the period. Prepare the entries to close income Summary and the Owner's Drawings account