Lawson Delivery initially records all prepaid expenses as expenses and all unearned revenues as revenues. Given the following information, prepare the necessary adjusting entries at year end, December 31, 2019.
a)On January 3, 2019, $3,500 of supplies were purchased. A count revealed $700 still on hand at December 31, 2019.
b)On January 4, 2019, a $3,150 payment was made to an insurance agency for two and a half years of insurance.
c)On June 30, 2019, received nine months' rent in advance from a tenant, $8,100.
d)On August 1, 2019, received six months' rent in advance from a tenant, $4,800.

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The Answer of Lawson Delivery initially records all prepaid expenses as expenses and all unearned revenues as revenues. Given the following information, prepare the necessary adjusting entries at year end, December 31, 2019.
a)On January 3, 2019, $3,500 of supplies were purchased. A count revealed $700 still on hand at December 31, 2019.
b)On January 4, 2019, a $3,150 payment was made to an insurance agency for two and a half years of insurance.
c)On June 30, 2019, received nine months' rent in advance from a tenant, $8,100.
d)On August 1, 2019, received six months' rent in advance from a tenant, $4,800.

Lawson Delivery Initially Records All Prepaid Expenses as Expenses and All