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The following information for Sheridan Products is available on June 30, 2014, the end of a monthly accounting period. Prepare the necessary adjusting journal entries for Sheridan Products as of June 30 for each situation given. Adjusting entries are recorded at the end of every quarter prior to preparing hinancial statements. You may omit journal entry explanations. (Credit account ties are automatically inderted when the amount is erred. Do not industancially that all debir entries before credit antrie) 1 2 3. Sheridan purchased a 1-year insurance policy on June 1, 2014 and debited an asset account for $4,104, On May 1, 2014, a tenant in an office building owned by Sheridan Products paid $7,524, which represents three months rent in advance. The amount received was credited to the Uneamed Rent Revenue account On June 1, 2014, the balance in the Supplies account was $472. Durine June, office supplies costing $961 were purchased and half was paid in cash, with the balance on account. A physical count of office supplies at June 30 revealed that there was $151 of supplies still on hand, On March 31, 2014, Sheridan Products purchased equipment for $34 200. The company calculated annual depreciation to be $6,840 Sheridan Products has 7 employees who earn $130 per day, and 3 employees who earn $228 per day, respectively, Employees are paid each Friday for a five-day work week that begins each Monday, June 30 is a Thursday 4. 5 NO. Account Titles and Explanation Debit Credit 1 N. 3. 5