[The following information applies to the questions displayed below.]

During its first year of operations, a company entered into the following transactions: - Borrowed $5,150 from the bank by signing a promissory note. - Issued stock to owners for $11,500. - Purchased $1,150 of supplies on account. - Paid $550 to suppliers as payment on account for the supplies purchased.

What is the amount of total assets at the end of the year?

$16,650

$5,750

$17,800

$17,250

What is the amount of total liabilities at the end of the year?

$5,750

$17,800

$6,300

$17,250

All of the transactions of Starfish Tattoo Parlor Inc. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2016:

A)	The Supplies account shows a balance of $1,090. A count of supplies revealed $410 on hand.
B)	The $720 premium relating to a oneyear insurance policy was paid on December 1, 2016.
C)	The companys equipment, which was purchased last year, depreciates at a rate of $600 per year.
D)	On September 30, 2016, a customer paid $10,700 in advance for services. Of this amount, 30% was earned as of 12/31/16.
E)	Employees are paid $2,600 on Fridays for the 5-day work week, which ends on that Friday. However, December 31, 2016 falls on a Thursday.
F)	The company has completed $500 of work for customers; the customers have not yet been billed and the related revenue has not been recorded.

Required:
a.	Prepare the required adjusting entries required at December 31, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Record adjusting entry given that the supplies account shows a balance of $1,090. A count of supplies revealed $410 on hand at 12/31/16.

2. Record adjusting entry given that a one-year insurance policy was purchased for $720 on 12/1/16. It was recorded as Prepaid Insurance at that time.

3. Record adjusting entry given that office equipment depreciates at a rate of $600 per year. The equipment has been owned all year.

4. Record adjusting entry given that a client paid $10,700 in advance for services to be rendered later, which was recorded as unearned revenue. Of this amount, 30% was earned as of 12/31/16.

5. Record adjusting entry given that employees earn $2,600 for a 5-day work week. December 31, 2016 falls on a Thursday.

6. Record adjusting entry given that Starfish has completed $500 of work for which it has neither received cash nor billed the client.