For each independent entry below, prepare the adjusting journal entry required at 12/31/16. 1. The Buckeye Company purchases insurance on 8/1/16 for $24,000. The insurance covers a one- year period. 2. The Ohio Company performed services for a customer in the amount of $5,000 on 12/18/16 but has not had time to send a bill. 3. The Pennsylvania Company collects $180,000 on 10/1/16, in advance of performing their services. The money covers a 6 month period of time. 4. The Brutus Company has credit sales during the year ending 12/31/16, in the amount of - $500,000. They estimate that 4% of these are uncollectible. The beginning balance in the allowance for doubtful accounts is a normal balance of $4,000. 5. The Indiana Company rents office space on 12/31/16, for a 12 month period, and pays $120,000 in advance