the following balances were taken from the ledger of Robert Smith,a corporation,prior to adjustment. The corporations year end is 12/31/16. prepaid insurance. $72,000 salary expense. $104,000 supplies. $2,300 unearned revenue. $240,000

Additional information a. The balance in the prepaid insurance account is for a two year policy which began on May 1,2016. b.Salaries for the five day week ended friday January 3,2017 is $10,000 and will be paid on monday january 06,2017.

c.A physical count of supplies indicates that $1,470 of supplies is on hand at that 12/31/16.

d. An analysis of the unearned revenue account indicates that $150,000 is unearned at 12/31/16.

e.Interest Income on savings for the fourth quarter ended 12/31/16 is $1 325 and will be credited to our savings account on 01/02/17.

f.Received a bill on 12/28/16 from American Express for $1,500 the bill is dated 12/22/16 and was recorded on 12/30/16.

g. Information regarding a new Automobile is as follows: Acquired new at 04/01/16 Cost $30,000 Estimated salvage 3,000 Estimated Life is 4 years Record 2016 Depreciation using the Double Declining Balance Method (DDB) Required 1.Prepare the necessary adjusting journal entries (if required) at 12/31/16.Number each entry. 2.Indicate with an (R) which entries must be Reversed at 01/02/17