8:21 | UE fACCT 201 - test 2 - spring 2021.d... ACCT 201 March 23, 2021 Test #2 NAME: I. The following is a partial list of financial statement items from the records of Tex Inc. at December 31, 2018 Prepaid rent 3,600 . Prepaid insurance 600 Supplies 300 Equipment 11.000 Notes Payable 5,000 Salaries expense 1,000 Unearned service revenues 400 Required: There are five adjustments that need to be made before the financial statements for the year ended December 31, 2018 can be prepared Record each adjusting entry in the General Journal Show all your computations. (20 pts.) ... The equipment, purchased on May 1, 2018, has an estimated useful life of 5 years, and salvage value of $1,000 The 12-months insurance policy was purchased on June 1, 2018 The accounting records show that one-half of the fees collected in advance from a customer, has now been earned . The prepaid-rent payment was made on April 1, 2018. The rent payment is for 12 months beginning on the date of payment A physical count on December 31, 2018 revealed $50 of supplies remained on hand