PLEASE

Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2021. The transactions during 2021 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Supplies was $800 at December 31, 2021. The unadjusted balance in Supplies Expense was $0 at December 31, 2021. A year-end count showed $120 of supplies on hand. b. Wages earned by employees during December 2021. unpaid and unrecorded at December 31, 2021, amounted to $3,200. The last paychecks were issued December 28, the next payments will be made on January 6, 2022. The unadjusted balance in Salaries and Wages Expense was $35,000 at December 31, 2021. C. A portion of the store's basement is now being rented for $1,050 per month to K. Frey. On November 1, 2021, the store collected six months' rent in advance from Frey in the amount of $6,300. It was credited in full to Deferred Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2021. d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2021 is $1,500, although none has been recorded yet e. On December 31, 2021, the unadjusted balance in Prepaid Insurance was $2,700. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2021. The unadjusted balance in Insurance Expense was $450, which was the cost of insurance from January 1 to June 30, 2021. 1. Jaworski's store did some ski repair work for Frey. At the end of December 31, 2021, Frey had not paid for work completed amounting to $700. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2022 Required: For each situation, prepare the adjusting Journal entry that Jaworski's should record at December 31, 2021. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 29:19 Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2021, a two-year insurance premium on equipment in the amount of $552 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2021, the unadjusted balance in the Supplies account was $1,000. A physical count of supplies on December 31, 2021, indicated supplies costing $280 were still on hand. c On December 31, 2021, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $780. The amount is not yet recorded. It will be paid during January 2022 d. On December 31, 2021, the company completed a contract for an out-of-state company for $7,850 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction, e. On July 1, 2021, the company purchased a new hauling van Depreciation for July-December 2021, estimated to total $2,650, has not been recorded As of December 31, the company owes Interest of $480 on a bank loan taken out on October 1, 2021. The interest will be paid when the loan is repaid on September 30, 2022. No interest has been recorded yet 9. Assume the income after the preceding adjustments but before income taxes was $28,000. The company's federal income tax rate is 25%. Compute and record income tax expense. hoes Required: 1. Give the adjusting journal entry required for each item of December 31, 2021 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Brokeback's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made