Elegance Couture began operations in 2018 and has a year-end of December 31. It is now...

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Elegance Couture began operations in 2018 and has a year-end of December 31. It is now early in 2024, and the company is about to prepare its adjusting journal entries for year-end. You have been provided with the following information for transactions in 2023: a. On May 1, 2023, the company purchased a two-year business insurance policy for $3,000, and recorded the amount to Prepaid Insurance. b. On September 1, the company signed a one-year, $27,000 note payable with an interest rate of 6%. The note, plus accrued interest, is due on August 31, 2024. c. Depreciation on the company's equipment is calculated as $7,500 for the year. d. On September 30, the company received $30,000 from a customer to provide a year's worth of services. The amount was recorded as revenue when it was received. e. Salaries owed to employees at the end of the year totaled $5,800, which will be paid on January 5, 2024. Required: Prepare any adjusting journal entries required as at December 31, 2023, for Elegance Couture. Elegance Couture began operations in 2018 and has a year-end of December 31. It is now early in 2024, and the company is about to prepare its adjusting journal entries for year-end. You have been provided with the following information for transactions in 2023: a. On May 1, 2023, the company purchased a two-year business insurance policy for $3,000, and recorded the amount to Prepaid Insurance. b. On September 1, the company signed a one-year, $27,000 note payable with an interest rate of 6%. The note, plus accrued interest, is due on August 31, 2024. c. Depreciation on the company's equipment is calculated as $7,500 for the year. d. On September 30, the company received $30,000 from a customer to provide a year's worth of services. The amount was recorded as revenue when it was received. e. Salaries owed to employees at the end of the year totaled $5,800, which will be paid on January 5, 2024. Required: Prepare any adjusting journal entries required as at December 31, 2023, for Elegance Couture.

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