Preparing Accounting Adjustments $\backslash$table$[[$Transaction$,$Balance Sheet,Income Statement$],[\backslash$table$[[$Cash$],[$Asset$]],+,\backslash$table$[[$Noncash$],[$Assets$]],=,$Liabilities,$+,\backslash$table$[[$ontribute$],[$Capital$]],+,\backslash$table$[[$Earned$],[$Capital$]],$Revenue,$-,$Expenses,$=,$Net Income$],[(1),,,,,,,,,,,,,,],[(2),,,,,,,,,,,,,,],[(3),,,,,,,,,,,,,,],[(4),,,,,,,,,,,,,,],[(5),,,,,,,,,,,,,,],[(6),,,,,,,,,,,,,,],[(7),,,,,,,,,,,,,,],[(8),,,,,,,,,,,,,,]]$

normal.

An analysis of the firm's records discloses the following $($business began on January $1).$

Photography services of $$5,550$ have been rendered, but customers have not yet paid or been billed. The company uses the account Fees Receivable to reflect amounts due but not yet billed.

Equipment, purchased January $1,$ has an estimated life of $10$ years.

Utilities expense for December is estimated to be $$2,400,$ but the bill will not arrive or be paid until January of next year. $($All prior months' utilities bills have been received and paid.$)$

The balance in Prepaid Rent represents the amount paid on January $1,$ for a $2-$year lease on the studio it operates from.

In November, customers paid $$15,600$ cash in advance for photos to be taken for the holiday season. When received, these fees were credited to Unearned Photography Fees. By December $31,$ all of these fees are earned.

A $3-$year insurance premium paid on January $1,$ was debited to Prepaid Insurance.

Supplies still available at December $31$ are $$9,120.$

At December $31,$ wages expense of $$2,250$ has been incurred but not yet paid or recorded.

Prepare its adjusting entries using the financial statement effects template.

Use negative signs with your answers, when appropriate.