1. On the "AJE" worksheet, prepare the adjusting journal entries in good form for the following items Identify each entry by letter in Column B. Round all answers to the nearest dollar Omit explanations Leave a blank row between each journal entry All the accounts you need are given on the worksheet. Use only these accounts, written exactly as presented on the worksheet. (Hint use coll references.) Prepare journal entries and financial statements for the year ended December 31, 2020 No adjusting entries have been made since December 31, 2019 a. Grizzlies, Inc borrowed money by issuing a nine month, $10,000, 70% note on October 1, 2020 with interest and principal to be paid on maturity 7 8 9 10 11 b. On November 1, 2020, Grizzlies, Inc rented storage space at a cost of $400 per month. On that date Grizzlies, Inc recorded Prepaid Rent for five months' rent paid in advance, c. Grizzlies, Inc. recorded the purchase of $5,100 of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on December 31, 2020, shows $3,100 in shop supplies on hand d. At the end of 2020 Grizzlies, Inc had sales on account totalling $12,500 which have not yet been recorded 12 13 14 15 16 17 e. On April 1, 2020. Grizzlies, Inc. purchased a 24-month insurance policy for $12 200 Acciinman 1. On July 1, 2020, Grizzlies, Inc. collected $15,000 for consulting services to be performed from July 1, 2020 to February 28, 2021. The company credited the Unearned Consulting Revenue account when paid 18 19 9 Grizzlies, Inc. rented idle office space to Squirrels, Inc on February 1, 2020, at a rate of $1,100 per month On this date Grizzlies, Inc. crodited Uneared Rent Revenue for one year of rent received in advance 20 21 h. Grizzlies, Inc. is opon five days a week and has a daily payroll of $3,800 Employees are paid every Friday Assume December 31 is a Wednesday. The payroll is allocated as follows 25% of the payroll relates to office employees, and the balance relates to salos employees 1. Depreciation for store equipment has been calculated to be $1.600 per month 22 23 24 25 26 27 1. Depreciation for office equipment has been calculated to be $500 per month k. Utilities expenses of $1,400 were incurred, but not yet recorded. Utilities expense is allocated as follows 20% relates to the office and the balance relates to the store, 28 29