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In general journal form,record the December 31 adjusting entries for the following transactions and events.Assume that December 31 is the end of the annual accounting period.
a.The Prepaid Insurance account shows a debit balance of $2,340,representing the cost of a three-year fire insurance policy that was purchased on October 1 of the current year.
b.The Office Supplies account has a debit balance of $400; a year-end inventory count reveals $80 of supplies still on hand.
c.On November 1 of the current year,Rent Earned was credited for $1,500.This amount represented the rent earned for a three-month period beginning November 1.
d.Estimated depreciation on office equipment is $600.
e.Accrued salaries amount to $400.
(all entries dated December 31)
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