XYZ Company needs to record the following adjusting journal entries for the December 31, 2017 fiscal-...

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XYZ Company needs to record the following adjusting journal entries for the December 31, 2017 fiscal- year end: 1. The January 1 balance in equipment is $87,000. All equipment is depreciated based on a 12-year life (no salvage value). 2. In May, the company purchased supplies for $5,000. On December 31, 2017, supplies on hand totaled $3,250. 3. Accrued interest on a 1-year $12,000 8% notes payable borrowed on October 01, 2017. XYZ Company needs to record the following adjusting journal entries for the December 31, 2017 fiscal- year end: 1. The January 1 balance in equipment is $87,000. All equipment is depreciated based on a 12-year life (no salvage value). 2. In May, the company purchased supplies for $5,000. On December 31, 2017, supplies on hand totaled $3,250. 3. Accrued interest on a 1-year $12,000 8% notes payable borrowed on October 01, 2017.