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A&O Corp. had the following selected account balances as of 12/31/2012 before adjusting entries were made.
Cash
$90,000
Insurance expense
18,000
Accounts receivable
16,000
Supplies
6,400
Equipment
90,000
Accumulated depreciation
28,000
Unearned advertising revenue
5,000
Salaries expense
10,000
Rent expense
A&O's accountant has provided you the following information:1. Insurance was paid in advance on 10/1/2012 for a one year period starting 10/1/2012 and the entire amount ($18k) was recorded in the insurance expense account.2. Supplies remaining on hand at the end of the year were $3,000.3. Equipment was purchased on 10/1/2012 and it is being depreciated over 10 years by the straight line method. The salvage value of the equipment is $0.4. A&O has completed 50%advertising services due to clients,whose advance cash payments were recorded above.5. Rent ($18,000) was paid in advance on 11/30/2012, for 6 months (11/30/2012 to5/31/2013) and A&O recorded the entire amount as rent expense on that date.
Prepare the adjusting journal entries for each of the 5 items above (do not write anyexplanations). Show all supporting computations. Use the answer sheet provided.
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