Give the adjusting entries required on December 31, 2020: 1. Dr. Santiago, a Pediatrician, just opened its Medical Clinic on October 1, 2020. He paid $24,000 on November 1, 2020 for a one-year...

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Extracted text: Give the adjusting entries required on December 31, 2020: 1. Dr. Santiago, a Pediatrician, just opened its Medical Clinic on October 1, 2020. He paid $24,000 on November 1, 2020 for a one-year insurance premium taken on its medical clinic. The expense method was used to record the payment. 2. On December 1, 2020, Dr. Santiago paid $36,000 as a one-year subscription for medical journals and magazine. The bookkeeper recorded it as Subscription Expense. 3. Dr. Santiago entered into a contract to perform Medical Services to a rich family for $40,000. One half of the work was done in 2020 while the other half will be performed during the first quarter of 2021. The whole amount was recorded by the bookkeeper as revenue for 2020. 4. Medical equipment costing $50,000 was purchased on October 1, 2020. It estimated that the equipment has no salvage value after its 5-year economic life. 5. Dr. Santiago paid $60,000 as advanced rental of the clinic on September 30, 2020. The amount is for one year starting October 1, 2020. The bookkeeper recorded the whole amount as Rent Expense.