Reference no: EM132420970

Grant's Graphics has a December 31 year end. Grant's Graphics records adjusting entries on an annual basis.

At the end of the year, the unadjusted balance in the Prepaid Insurance account was $3,110. Based on an analysis of the insurance policies, $2,750 had expired by year end.2.At the end of the year, the unadjusted balance in the Unearned Revenue account was $1,870. During the last week of December, $380 of the related services were performed.

On July 1, 2021, Grant signed a note payable for $11,000. The loan agreement stated that interest was 4%.4.Depreciation for the computer and printing equipment was $2,300 for the year.5.At the beginning of the year, Grant's had $840 of supplies on hand. During the year, $1,380 of supplies were purchased. A count at the end of the year indicated that $750 of supplies was left on December 31.6.Between December 28 and December 31 inclusive, three employees worked eight-hour shifts at $13.25 per hour. The employees will be paid for this time worked on January 10.

On December 31, it was determined that $4,300 of services had been provided but the bookkeeper did not record it.