Question: Prepare adjusting entries dated December 31, 2023, based on the following data. Required 1. A two-year insurance policy costing $3,000 was purchased on October 31,

Prepare adjusting entries dated December 31, 2023, based on the following data. Required

1. A two-year insurance policy costing $3,000 was purchased on October 31, 2023.

2. Salaries owed to employees on December 31, 2023, amount to $2,300.

3. The balance in Supplies before adjustment is $1,400. A physical count reveals $450 of supplies on hand on December 31, 2023.

4. Depreciation on office equipment for the year is $1,869.

5. Unearned Service Revenue has a balance of $4,200 before adjustment. Records show that $2,725 of that amount has been earned by December 31, 2023.

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