The transactions ABC Company for the year $2015$ have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December $2015$

Dec. $31$ ABC Company shows a balance of $$3,000$ in the Supplies $($asset$)$ account. A physical count indicates $$1,000$ of supplies on hand at the end of the fiscal period. Journalize the required adjustment for supplies.

Dec. $31$ ABC Company paid $$2,400$ for a two$-$year insurance policy on January $1$ of the current year. Prepare the required adjustment for the expired insurance at the end of the current year

Dec. $31$ ABC Company has a $$10,000$ note payable due March $15$ of next year. The note originated on July $1$ of the current year and bears interest at the rate of $5\%.$ Prepare the required journal entry to recognize interest expense

Dec. $31$ ABC Company received $$36,000$ on January $1$ of the current year for a project to be completed over the next two years. Journalize the adjustment to recognize the income earned on this project at the end of the current year.

Dec. $31$ ABC Company has performed $$12,000$ of services that have not been billed as of fiscal year$-$end. Prepare the adjusting entry to record the fees earned

Before closing journal entries, Entity $T$ had the following balances at December $31,2019$:

Sales revenue

Cost of goods sold

Salaries expense

Rent expense

Other expenses

Prepare journal entries to close revenue and expense accounts.

Journal entry to close expense accounts

Income summary account before the balance transfer to retained earnings