Consider the following information related to the Silver Scholar Company:
1. At the beginning of the year, the company had $245 in supplies on hand. During the year, the company purchased $1,950 in supplies. At the end of the year, the company had $760 in supplies on hand.
2. The company pays its employees on the 15th of each month. The monthly payroll (ignoring payroll taxes) is $38,000.
3. On November 1, the company received a $42,000 check for services. The transaction was recorded as unearned revenue. By year-end, the Silver Scholar Company had completed one-fourth of the required work related to this service. Silver Scholar expects to complete the rest of the work within the first two months of the next year.
4. On December 15, Silver Scholar paid $5,600 for factory rental related to January of the next year. For each item listed, prepare the necessary adjusting entries to be made on December 31.