11. Prepare journal entries that correspond to the following information related to final adjustments of a company for the annual reporting period beginning January 1 2012. Identify whether each adjustment is a deferral or an accrual adjustment. a) At January 1 the company's beginning value of merchandise is 1000. At December 31 the value of merchandise on hand is 500. The company has used the periodic-recording method to account for inventory. b) At January 1 the company's beginning value of office supplies is 500. At December 31 the value of office supplies that remain on hand is 1000. The company has used the periodic-recording method to account for office supplies. c) At December 31 the company has incurred in 400 of interest expenses of a loan that will be paid in 2013 and are not registered yet. d) At December 31 the company has earned 300 of interests from a credit given to another company that will be collected in 2013 and are not registered yet. e) At December 31 the company estimates that the depreciation of long term assets of the year is 3000. f) The first of January of 2012 the balance of the prepaid expenses accounts is 4000, which correspond to the following expenses paid in 2011 and incurred in 2012: 2000 insurance expenses; 1000 interest expenses; 1000 rent expenses. g) The first of January of 2012 the balance of the unearned revenue accounts is 1000, which correspond to the January 2012 rent of a property that had been collected in 2011. h) Net income before taxes, after all adjustments are made, is 10000. The company's income tax rate is 30%. Income tax of 2012 will be paid by June 2013