WORKSHEET Prepare the required adjusting entry for each situation as of December 31, 2018 for (SBAD) Company. Suppose company had received a $1,800 shipment of supplies in October When counting the supplies on December 31, 2018, found only $500 worth of supplies on hand. Suppose (SBAD) had paid $12,000 for six months' rent on September 1, 2018. Suppose (SBAD) had paid $6,000 for one year's insurance on December 1, 2018. The (SBAD) company borrowed $12,000 from a local bank with 10% annual interest rate on August 1, 2018. Principal and interest will be paid on July, 31, 2019 The (SBAD) company calculated its income taxes as $40,000 for the year ended December 31, 2018