E3-22 Journalizing adjusting entries Learning Objective 3 e. DR Insurance Expense $2,250 Consider the following independent situations at December 31 : a. On July 1 , a business collected $7,200 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31 , the business must account for the amount of rent it has earned. b. Salaries expense is $1,000 per day-Monday through Friday-and the business pays employees each Friday. This year December 31 falls on a Thursday. c. The unadjusted balance of the Office Supplies account is $3,400. Office supplies on hand total $1,900. d. Equipment depreciation was $200. e. On April 1, when the business prepaid $6,000 for a two-year insurance policy, the business debited Prepaid Insurance and Credited Cash. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries