whats the adjusting entries?

Adjusting Entries The data below was gathered for the accountant to complete December 31 adjusting entries (use the Journal below and post to the ledger (T accounts) on pages 5 and 6). . At December 31, the Company had $300 of supplies on hand. The computer system purchased on January 1 has a five-year useful life and a $5,000 anticipated salvage value The delivery van purchased on June 1 has a ten-year useful life and a $5,500 anticipated salvage value 3% of the ending balance in the accounts receivable account is estimated to become uncollectible. The prepaid rent paid on March 31 was for two years beginning April 1. The $50,000 borrowed from Bank of America on April 1 was a 5 year note with a 6% rate of interest. Principal is due in 4 years, interest is paid annually on April 1. The $30,000 received on October 1 was for services that would be completed equally over 24 months beginning October 1. 5-Smith Inc. Journal General - Adjusting Account Name Dec. 1 Supplies expense Supplies Debit Credit Date 900 900 Dec. 1 Fall 2020 - Practice Set Smith Inc. engaged in the following transactions in 2019. Jan 1 The owner invested $100.000 into the company in exchange for 5,000 shares of no-par common stock Jan 1 Purchased a computer system for $40,000 Jan 14 Purchased $1,200 of supplies on account. Feb 25 Invoiced clients for services provided on account, $36,000. Mar 31 Paid rent for two years, $19.200 April 1 The company borrowed $50,000 from Bank of America May 14 Collected $11,500 on account. June 1 Purchase a delivery van to delivery copies to customers, the van had a purchase price of $53,000, taxes on the van were $5,000 and document charges of $1,500 were paid. July 31 Paid $800 on account for supplies purchased on January 14. Aug 10 Received cash for services provided, $10,200. Sept 1 Paid utilities of $4,000. Oct 1 Received $30,000 in advance for services to be provided in the future. Nov 15 Paid for an ad in the local newspaper, $1,500. Nov 27 Processed employee payroll and employer taxes, gross earnings were $4,000 Nov 30 Paid the employee salaries, taxes are not due until January Dec 15 The company declared and paid $6,000 in dividends. Dec 30 Invoiced clients for services performed totaling $8,500. Dec 27 Processed employee payroll and employer taxes, gross earnings were $4.000. Dec 30 Paid the employee salaries, taxes are not due until January Smith Inc. Chart of Accounts Account Names O * E