Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $15,000. b. The Prepaid Insurance account had a $8,000 debil balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,030 of unexpired insurance coverage remains. c. The Supplies account had a $230 debit balance at the beginning of the yeat, and $2.680 of supplies were purchased during the year. The December 31 physical count showed $2% of supplies available d. Three-fourths of the work related to $13,000 of cash recelved in advance was performed this period e. The Prepaid Rent account had a $5,900 debit balance at December 31 before adjusting for the costs of expired prepaid rent An analysis of the rental agreement showed that $4.870 of prepaid rent had expired f. Wage expenses of $4,000 have been incurred but are not paid as of December 31 . Prepare adjusting journal entries for the year ended December 31 for each separate situation. Depreciation on the company's equipment for the year is computed to be $15,000. Note: Enter debits before credits