Exercise #1 In general journal form (omit explanations) record the December 31 adjusting entries for the following transactions and events. Assume that December 31 is the end of the annual accounting. period and the company's chart of accounts is as follows: CashAssets Prepaid Insurance Supplies Office Equipment Accumulated Depreciation-Office Equipment Liabilities Accounts Payable Unearned Rent Wages Payable Equity Common Stock Retained Earnings Dividends Revenue Fee Revenue Rental Revenue Expenses Salaries Expense insurance Expense Depreciation Expense Supplies Expense Utilities Expense 6 a. The Prepaid insurance account shows a debit balance of $3,600, representing the cost of a three-year fire insurance policy that was purchased on October 1 of the current year b. The Office Supplies account has a debit balance of 5600 ; a year-end inventory count reveals $180 of supplies still on hand c. On November 1 of the current year, Unearned Rent was credited for 54,500 . This amount represented the rent received from the tenant for the three-month period beginning November 1 d. Estimated depreciation on office equipment is $800 e. Accrued salaries amount to $600 Letter Account Debit Credit (a) (b) (c) (d) (c)