B 1. On the "AJE" worksheet, prepare the adjusting joumal 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 joumal entry. All the accounts you need are given on the worksheet. Use only these accounts, written exactly as presented on the worksheet. (Hint: use cell 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, $14,000, 5.0% note on October 1, 2020 with interest and principal to be paid on maturity. b. On November 1, 2020, Grizzlies, Inc. rented storage space at a cost of $600 per month. On that date Grizzlies, Inc. recorded Prepaid Rent for five months' rent paid in advance. c. Grizzlies, Inc. recorded the purchase of $5,200 of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on December 31, 2020, shows $3,200 in shop supplies on hand. d. At the end of 2020, Grizzlies, Inc. had sales on account totalling $13,500 which have not yet been recorded. e. On April 1, 2020, Grizzlies, Inc. purchased a 24-month insurance policy for $11,800. f. On July 1, 2020, Grizzlies, Inc. collected $12,000 for consulting services to be performed from July 1, 2020 to February 28, 2021. The company credited the Uneamed Consulting Revenue account when paid. g. Grizzlies, Inc. rented idle office space to Squirrels, Inc. on February 1, 2020, at a rate of $1,300 per month. On this date Grizzlies, Inc. credited Uneamed Rent Revenue for one year of rent received in advance. h. Grizzlies, Inc. is open five days a week and has a daily payroll of $4,600. Employees are paid every Friday. Assume December 31 is a Wednesday. The payroll is allocated as follows: 20% of the payroll relates to office employees, and the balance relates to sales employees. 1. Depreciation for store equipment has been calculated to be $1,400 per month. j. Depreciation for office equipment has been calculated to be $800 per month. k. Utilities expenses of $1,300 were incurred, but not yet recorded. Utilities expense is allocated as follows: 25% relates to the office and the balance relates to the store. 9