Recording seven typical adjusting entries

Bing Ben Variety Store is completing the accounting process for the year just ended, December 31, 2007. The transactions during 2007 have been journalize and posted. The following data with respect to adjusting entries are available:

1. Office supplies on hand at January 1, 2007, totaled $290. Office supplies purchased and debited to Office supplies during the year amounted to $665. The year-end count showed $250 of supplies on hand.
2. Wages earned by employees during December 2007, unpaid and unrecorded at December 31, 2007, amounted to $3070. The last payroll was December 28; the next payroll will be January 6 2008.
3. Three-fourths of the basement of the store is rented for $1,245 per month to another merchant M. Dittman Inc. On November 1, 2007. The store collected six months" rent in the amount of $7470 in advance from Dittman; it was credited in full to Unearned Rent Revenue when collected.
4. The remaining basement space is rented to Kathy"s specialty shop for $680 per month, payable monthly. On December 31, 2007 the rent for November and December 2007 had not been collected or recorded. Collection is expected January 10, 2008.
5. The store use delivery equipment that cost $24,900; $4150 was the estimated depreciation for 2007.
6. On July 1, 2007, a two year insurance premium amounting to $3485 was paid in cash and debited in full to Prepaid Insurance. Coverage began on July 1, 2007.
7. Big Ben"s repair shop to meet its own needs. The shop also does repairs for M. Dittman. At the end of December 31, 2007, Dittman had not paid $625 for completed repairs. This amount has not yet been recorded as repairs Shop Revenue. Collection is expected during January 2008.

Required:

1. Identify each of these transactions as deferred revenue, deferred expense, accrued revenue, or accrued expense.

2. For each situation record the adjusting entries that should be recorded for Big ban"s at December 31, 2007.