Reference no: EM132825258

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

Question 1: Prepare the adjusting journal entries based on the following information. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

1. At the end of the year, the unadjusted balance in the Prepaid Insurance account was $3,370. Based on an analysis of the insurance policies, $2,690 had expired by year end.

2. At the end of the year, the unadjusted balance in the Unearned Revenue account was $1,770. During the last week of December, $570 of the related services were performed.

3. On July 1, 2021, Grant signed a note payable for $9,100. The loan agreement stated that interest was 4%.

4. Depreciation for the computer and printing equipment was $1,920 for the year.

5. At the beginning of the year, Grant's had $1,160 of supplies on hand. During the year, $1,440 of supplies were purchased. A count at the end of the year indicated that $640 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.

7. On December 31, it was determined that $5,100 of services had been provided but the bookkeeper did not record it.