The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months of operations:

1. The December 31 inventory count of computer supplies shows $320 still available.
2. Three of the four months' prepaid rent has expired.
3. Three months have expired since the 12-month insurance premium was paid in advance.
4. As of December 31, the only employee of Jamison Consulting had not been paid for four days of work at $125 per day.
5. The computer system, acquired for $8,000 on October 1, is expected to have a four-year life with no salvage value.

The office equipment, acquired for $20,000 on October 1, is expected to have a five-year life with no salvage value.