Prepare a journal entry for the transactions listed above and adjusting entries: Skysong's balance sheet at December $31,2021,$ is presented below.

Cash

Inventory

Prepaid insurance

Equipment

Skysong Corporation

Balance Sheet

December $31,2021$

$$78\mathrm{.}000$

$79\mathrm{.}950$

$14,560$

$98\mathrm{.}800$

Accounts payable

Interest payable

Bonds payable

Common stock

Retained earnings

$$271\mathrm{.}310$

$$35,750$

$6,500$

$130,000$

$65,000$

$$34\mathrm{.}060$

$$271\mathrm{.}310$