7. (24 pts) Below are four transactions that were completed during 20D by Grand Island Janitorial Company. The annual accounting period ends on December 31. Provide the December 31, 20D adjusting entries required for Grand Rapids Moving. A. On March 1, 20D, Grand Island paid a two-year insurance premium for a policy on its facilities in the amount of $6,000. This transaction was recorded with a debit to a balance sheet account. Ppat Insurance booo cash booo B. On December 31, 20D a customer had not paid for services that were provided in December of $2000. The transaction has not been recorded. Akec 2000 service Rev 2000 C. On September 1, 20D, Grand Island borrowed $60,000 cash and gave a one-year, 10 percent, note payable. The total interest is payable on the due date, August 31, 20E. D. On July 1, 20D, Grand Island collected $9,000 for cleaning services to be provided every month for one year in advance. The $9,000 collection was recorded with a credit to an income statement account. 8. (18 pts) For each of your adjusting journal entries in problem 7, above, what would be the effect on the financial statements if the Grand Island failed to record the entry? Indicate the amounts for all over or under statements and enter a zero for no effect