Penny's Pool Service & Supply, Incorporated $($PPSS$)$ is completing the accounting process for the first year of operations ended on December $31.$ Transactions during the year have been journalized and posted. The data for the adjusting entries follows:

PPSS owed $$9,100$ in wages to the office receptionist and three assistants for working the last $10$ days in December. The employees will be paid early next year.

On October $1$ of the current fiscal year, PPSS received $$28,800$ from customers who prepaid pool cleaning service for one year beginning on November $1$ of the current year.

The company received a $$680$ utility bill for December utility usage. It will be paid early next year.

PPSS borrowed $$81,000$ from a local bank on August $1,$ signing a one$-$year, $10$ percent note. The note and interest are due on August $1$ of next year.

On December $31,$ PPSS cleaned and winterized a customer's pool for $$960,$ but the service was not yet recorded on December $31.$

On November $1$ of the current fiscal year, PPSS purchased a two$-$year insurance policy for $$5,400,$ with coverage beginning on that date. The amount was recorded as Prepaid Insurance when paid.

On December $31,$ PPSS had $$4,600$ of pool cleaning supplies on hand after purchasing supplies costing $$27,000$ during the year from Pool Corporation, Incorporated.

PPSS estimated that depreciation on its buildings and equipment was $$9,900$ for the year.

At December $31,$ $$270$ of interest on investments was earned that will be received in the next year.

The company's income tax rate for the year was $22$ percent.