please dear expert need answer with calculation, explanation , formulation with steps for better understanding answer in text not image d.h.On November 1st Wingnut accepted $48,000 for annual subscriptionsrelated to a monthly newsletter.HINT: An adjusting entries relative to this item have already been recordedfor the month of November.Wingnut accepted a 18%, $100,000, 45-day note receivable from LAMCOdated December 2nd, 2022On Friday January 2, 2023 Wingnut employees were paid $30,000for the TWO five-day work week then endedWingnut had received a $5,200 cash advance on December 1stfor services to be rendered over the four month period beginningDecember 1, 2022 and ending March 28, 2023A pitiful LAM took an inventory of supplies at Dec. 31stclaiming that $8,300 were on-hand.Depreciation on equipment for December 2022 was calculated to be $1,520Required:Prepare the appropriate adjusting entries Wingnut Co.Selected account balances BEFORE adjustment for Wingnut Co. atDecember 31, 2022 (end of the current year) are shown below:Note receivableInterest receivableSuppliesPrepaid lesuranceEquipmentAccumulated Depreciation - EquipmentNotes payableSalaries payableInterest PayableUnearned feesUnearned subscriptions revenueFees earnedSubscriptions revenueDebits100,00012,70015,000125,600750,000Credits21,00013,75039,25037,500250,000Interest IncomeSalary expenseInterest ExpenseInsurance expenseDepreciation expenseSupplies expenseInformation regarding December 2022 adjusting entries:Wingnut borrowed $250,000 @ 12% issuing a 120-day note payabledated December 16th, 20225,20044,0001,250,0004,000On May 1st Wingnut paid $36,000 for insurance coverage for the twelvemonth period commencing May 1st.HINT: Adjusting entries relative to this item have already been recordedfor the months of May through November.

Adjusting entries are those journal entries which are passed at the end of accounting period. The…

C On November 1st Wingnut accepted $48,000 for annual subscriptions related to a monthly newsletter. HINT: An adjusting entries relative to this item have already been recorded for the month of November. Wingnut accepted a 18%, $100,000, 45-day note receivable from LAMCO dated December 2nd, 2022 On Friday January 2, 2023 Wingnut employees were paid $30,000 for the TWO five-day work week then ended Wingnut had received a $5,200 cash advance on December 1st for services to be rendered over the four month period beginning December 1, 2022 and ending March 28, 2023 A pitiful LAM took an inventory of supplies at Dec. 31st claiming that $8,300 were on-hand. Depreciation on equipment for December 2022 was calculated to be $1,520 Required: Prepare the appropriate adjusting entries