Question (1) Journalize the adjusting entries needed for the year ending December 31, 2018, end of the current accounting period, for each of the following independent cases affecting ABC Company that provides consulting services. 1. On December 31, 2017 (end of last year) supplies had a debit balance of $6,000; during 2018 the company purchased supplies costing $1,000, and on December 31, 2018, supplies on hand total is $4,000. 2. December 31, 2018 is a Tuesday. ABC Co. pays $10,000 in salaries for a five-day work week. The work week is Monday through Friday and the payday is each Friday. 3. ABC Co. received $300,000 advance collection from XYZ Co. on July 1, 2018 for a warehouse that it will rent for the following two years. 4. Prepaid insurance beginning balance is $6,000, prepaid insurance ending balance is $2,000