Example $2\mathrm{.}50$: The following information relates to ABC Ltd$.$ for the year ended December $31,2023$:

Insurance premium of $$2,400$ was paid for the year on January $1,2023.$

Unearned revenue of $$800$ was received on December $1,2023,$ for services to be provided over the next two months.

Depreciation expense for equipment is $$1,200$ for the year.

Wages of $$600$ are accrued but not yet paid.

Prepare the necessary adjusting entries for ABC Ltd$.$ and describe the impact of these entries on the financial statements.