D E Problem 2 Read the description of following adjustments that are required at the end of the accounting period, January 31, for Anise's Repair Services. Joumalize the necessary adjusting entries in a general journal. Omit the descriptions. Use standard account titles, like those used in your textbook. 1 Prepaid rent for the year on January 1. Rent expired during the month of January, $1,600. 2 Purchased supplies for $4,000 on January 1. Inventory of supplies was $1,200 on January 31. 3 Depreciation is computed using the straight-line method. Equipment purchased on January 1 for $3,000 has an estimated useful life of 5 years with no salvage value. 4 Signed a 3-month contract for $450 prepaid advertising on January 1. Tip: Remember you are journalizing the January 31 adjusting entry, NOT the original transaction! 5 G 7 B 19 20 21 22 23 24 25 25 26 Date TE MC P1 P2 P3 Accounts Debit Credit