Photography services of $1,850 have been rendered, but customers have not yet paid or been billed. The company uses the account Fees Receivable to reflect amounts due but not yet billed. Equipment, purchased January 1, has an estimated life of 10 years. Utility expense for December is estimated to be $800, but the bill will not arrive or be paid until January of next year. (All prior months' utilities bills have been received and paid.) The balance in Prepaid Rent represents the amount paid on January 1, for a 2-year lease on the studio it operates from. In November, customers paid $5,200 cash in advance for photos to be taken for the holiday season. When received, these fees were credited to Unearned Photography Fees. By December 31, all of these fees are earned. A 3-year insurance premium paid on January 1, was debited to Prepaid Insurance. Supplies still available on December 31 are $3,040. On December 31, wages expense of $750 has been incurred but not yet paid or recorded. Prepare its adjusting entries using the financial statement effects template.