Problem - Adjusting Journal Entries - Prepare year end adjusting entries based on the following independent situations, assuming adjustments are recorded only once per year: a. The Office Supplies account had a balance of $2,550 at the beginning of the year. During the year, the company purchased supplies for $14,868, which was added to the Office Supplies account. The inventory of supplies available on December 31 totaled $2,956. b. At the beginning of the year the Prepaid Insurance account had a $25,224 debit balance. During the year the company made no further payments of insurance premiums. You analyzed the prepaid insurance account at year end and determined that $8,216 of unexpired insurance still remains. C. Prepaid rent had a zero balance at the beginning of the year. In late June we paid $24,000 for 12 months rent in advance. That payment was debited to prepaid rent. d. Depreciation on the company trucks was $5,350 for the year. e. The company purchased a building at the beginning of this year. It cost $905,000 and is expected to have a $45,000 salvage value at the end of its predicted 25-year life. f. The company purchased equipment at the beginning of the year. It cost $180,000 and is expected to have a $6,000 salvage value at the end of is predicted 6-year life. 8. On October 1, the company rented some unused space to a tenant for $2,500 per month. The tenant paid six months' rent in advance on that date. The payment was recorded with a credit to the Unearned Revenue account. h. The company received $4,800 cash in advance for consulting work. As of December 31, one-third of the consulting work had been performed.