+ Part A: Name the accounts that will be debited or credited for the adjusting entries to be made on May 31", 2019. Also, give the amount with which the journal entry will be prepared. [72 Points -- 3 points each] Transactions Debit Credit Amount (5) 1 On May 1, the company borrowed a $50,000 from a local bank. The company signed a note bearing interest of 12% per year. 2 On March 1, the company prepaid $48,000 for insurance for 24 months. 3 The company purchased an equipment on May 1 for 48,000, having a useful life of 5 years. Depreciation expense per year is $9,600. 4 During March 2019, the company purchased $1,000 of supplies. A physical count of supplies at May 31 indicated that only $350 of supplies are on hand. 5 Hills had received $8,200 in advance from a customer for services to be provided in the future. $2,800 of the amount was earned by May 31st. 6 A utility bill of $600 has not been recorded or paid on May 31" 2019. 7 The company had a beginning balance of prepaid rent of $6,000. The balance of prepaid rent on May 31" was $3,500. 8 Accrued salaries and wages at May 31" of $2,000 were not included