Preparing adjusting journal entries for the year ended (date of)December 31 2011 for each of these separate situations. Assumethat prepaid expenses are initially recorded in asset accounts.Also assume that fees collected in advance of work are initiallyrecorded as liabilities.a.) Depreciation on the companys equipment for 2011 is computed tobe $16000.b.) The Prepaid Insurance account had a $7000 debit balance atDecember 31 2011 before adjusting for the costs of any expiredcoverage. An analysis of the companys insurance policies showedthat $1040 of unexpired insurance coverage remains.c.) The office supplies account had a $300 debit balance onDecember 31 2010; and $2680 of office supplies were purchasedduring the year. The December 31 2011 physical count showed $354of supplies available.d.) One-half of the work related to $10000 of cash received inadvance was performed this periode.) Wage expenses of $4000 have been incurred but are not paid asof December 31 2011.