PROBLEM 3: Adjusting entries: Mars Hills, Inc. has prepared a year-end 2018 trial balance. Certain accounts in the trial balance do not reflect all activities occurred. Required: Prepare adjusting journal entries, as needed, for the following items. 1. The Supplies account shows a balance of $750, but a count of supplies reveals only $250 on hand. 2. Mars Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $600 in Insurance expense. A review of insurance policies reveals that $200 of insurance is unexpired. 3. Mars Hills employees work Monday through Friday, and salaries of $2,400 per week are paid each Friday. Mars Hills' year-end falls on Wednesday. 4. On December 31, 2018, Mars Hills received a utility bill for December electricity usage of $190 that will be paid in early January of 2019