Problem
I. A 12-month insurance policy was purchased on Mar. 1, 2022 for $6000. Prepare the necessary adjusting entry on Dec. 31.
II. The balance in the general ledger for the Supplies account at the end of the year is $1500. However, a physical count of the supplies reveals that there are only $250 worth of supplies remaining on December 31. Prepare the necessary adjusting journal entry on Dec. 31.
III. On May 1, 2022, a customer paid Mason Landscaping $2400 cash for 12 months of landscaping and snow removal services. Prepare the required adjusting journal entry on Dec. 31.
IV. Mason's Landscaping paid $18900 for six months of rent for a garage beginning Nov. 1, 2022. The payment was made on October 1. Prepare the required adjusting entry on Dec. 31.
V. On Dec. 1, 2022, a customer signed a contract for $2000 for 2 months (Dec. and Jan.) of snow removal services. The customer has yet to pay as of Dec. 31. Prepare the necessary adjusting entry on Dec. 31.