Grasshopper Lawn Service provides general lawn maintenance to clients. The company's fiscal year close is December 31. The information needed to prepare the year-end adjusting entries is shown below.

On October 1, 2021, Grasshopper lent $110,000 to another company. A note with capital and 8% interest to be paid on September 30, 2022 was signed.

On November 1, 2021, the business paid its landlord $22,500 representing rent for the months of November through January. The prepaid rent was debited for the full amount.

On August 1, 2021, Grasshopper collected $27,000 in advance rent from another company that is leasing a portion of Grasshopper's building. The $27,000 represents one year's rent and the entire amount was credited to Deferred Revenue.

Depreciation for the year is $23,000.

Vacation pay for the year that employees had earned but were not paid or recorded is $13,000. The company records vacation pay as Salary Expense.

Grasshopper started the year with $27,000 in his Supplies account. During the year $67,000 in supplies were purchased and debited to the Supplies account. At the end of the year, $27,000 worth of supplies remain on hand.

Required: Prepare the necessary adjusting entries on December 31, 2021.