Preparing adjusting entries Prepare adjusting journal entries for the year ended (date of ) December 31, 2008, for each of these separate situations. :

a. Depreciation on the company’s equipment for 2008 is computed to be $18,000.

b. The Prepaid Insurance account had a \($6,000\) debit balance at December 31. 2008, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that \($1,100\) of unexpired insurance coverage remains.

c. The Office Supplies account had a \($700\) debit balance on December 31. 2007; and \($3,480\) of office supplies was purchased during the year. The December 31, 2008, physical count showed \($298\) of supplies available.

d. The Prepaid Insurance account had a \($6,800\) debit balance at December 31, 2008, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that \($5,800\) of coverage had expired.

e. Wage expenses of \($3,200\) have been incurred but are not paid as of December 31, 2008.