ber 31, 2021. Dr. Cr. 17040 4164 144 480 2206 72 600 1680 5760 32000 10800 Account Cash Accounts Receivable Interest Receivable Rent Receivable Inventory Supplies Prepaid Rent Prepaid Insurance Note Receivable Equipment Buildings Land Accum Depreciation - Equip Accum Depreciation - Buildings Accounts Payable Wages Payable Interest Payable Rent Payable Uneamed Revenue Dividends Payable Note Payable Retained Earnings Paid in Capital Revenue Rent Revenue Interest Revenue 17040 6186 7864 336 1944 720 4320 10017 42427 18366 720 350 17:02 6186 7864 524 360 336 1944 720 4320 10017 Accum. Depreciation - Buildings Accounts Payable Wages Payable Interest Payable Rent Payable Unearned Revenue Dividends Payable Note Payable Retained Earnings Paid in Capital Revenue Rent Revenue Interest Revenue Cost of Goods Solo Marketing Expense Rent Expense Wage Expense Repairs and Maintenance Expense Depreciation Expense Insurance Expense Interest Expense Dividends Declared 18366 720 360 8472 700 Total 111184 1. A physical count of inventory revealed that the ending inventory was overstated by $600. 2. No interest revenue was recognized on the Note Receivable during the year. The Note has been outstanding since the beginning of the year. The interest rate is 6% per annum. 3. On November 30, 2021 the company paid $1680 for a 12 month insurance policy. The purchase of the policy was recorded as prepaid insurance and no adjustment has been made to reflect the expiration of the policy. 4. Depreciation expense of $360 for equipment has not been recognized. 5. On October 31, 2021 the company paid $600 for a 24 month rental of some equipment. The payment was recorded as prepaid rent and no adjustment has been made to reflect the expiration of the lease. 6. On December 31, 2021, there were unrecorded wages due to employees in the amount of $524. 7. On August 31, 2021 the company paid $336 for a 12 month equipment rental. The amount was recorded as Rent expense. No subsequent entries have been made. 8. On October 31, 2021, the company signed a one year rental agreement for a truck. The agreement will result in a payment of $336 at the end of the twelve month period. The transaction had not been recorded. 9. On November 30, 2021, the company received $138 from a customer for products that will be provided in August 2022. The receipt was recorded as revenue. 10. Interest due on loan notes payable that mature in 2022 has not been recorded. The amount of interest associated with the note is $72 11. On December 31, 2021 products in the amount of $1944 were provided to customers that had paid in advance. The payments were recorded as Unearned Revenue.. 12. Cash payments of interest to lenders in the amount of $360 were inadvertently debited to Accounts Payable rather than Interest Payable. Correct this error. Required 1. Prepare adjusting and correcting entries for each of the events above (use the template below). 2. Prepare an Adjusted Trial Balance. 3. Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet as of December 31, 2021. 1. A physical count of inventory revealed that the ending inventory was overstated by $600. 3. Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet as of December 31, 2021. 1. A physical count of inventory revealed that the ending inventory was overstated by $600. 2. No interest revenue was recognized on the Note Receivable during the year. The Note has been outstanding since the beginning of the year. The interest rate is 6% per annum. s 3. On November 30, 2021 the company paid $1680 for a 12 month insurance policy. The purchase of the policy was recorded as prepaid insurance and no adjustment has been made to reflect the expiration of the policy. 4. Depreciation expense of $360 for equipment has not been recognized. SW On October 31, 2021 the company paid 5600 for a 24 month rental of some e nent. The payment was recorded as prepard rent and no adjustment has been.made to reflect the expiration of the lease. 6. On December 31, 2021, there were unrecorded wages due to employees in the amount of $524. 7. On August 31, 2021 the company paid $336 for a 12 month equipment rental. The amount was recorded as Rent expense. No subsequent entries have been made. W 8. On October 31, 2021, the company signed a one year rental agreement for a truck. The agreement will result in a payment of $336 at the end of the twelve month period. The transaction had not been recorded. 9. On November 30, 2021, the company received $138 from a customer for products that will be provided in August 2022. The receipt was recorded as revenue. 10. Interest due on loan notes payable that mature in 2022 has not been recorded. The amount of interest associated with the note is $72. 11. On December 31, 2021 products in the amount of $1944 were provided to customers that had paid in advance. The payments were recorded as Unearned Revenue. 12. Cash payments of interest to lenders in the amount of $360 were inadvertently debited to Accounts Payable rather than Interest Payable. Correct this error. Upon completion, enter the following summary data here: Net Income Total Assets submit Total Liabilities: ber 31, 2021. Dr. Cr. 17040 4164 144 480 2206 72 600 1680 5760 32000 10800 Account Cash Accounts Receivable Interest Receivable Rent Receivable Inventory Supplies Prepaid Rent Prepaid Insurance Note Receivable Equipment Buildings Land Accum Depreciation - Equip Accum Depreciation - Buildings Accounts Payable Wages Payable Interest Payable Rent Payable Uneamed Revenue Dividends Payable Note Payable Retained Earnings Paid in Capital Revenue Rent Revenue Interest Revenue 17040 6186 7864 336 1944 720 4320 10017 42427 18366 720 350 17:02 6186 7864 524 360 336 1944 720 4320 10017 Accum. Depreciation - Buildings Accounts Payable Wages Payable Interest Payable Rent Payable Unearned Revenue Dividends Payable Note Payable Retained Earnings Paid in Capital Revenue Rent Revenue Interest Revenue Cost of Goods Solo Marketing Expense Rent Expense Wage Expense Repairs and Maintenance Expense Depreciation Expense Insurance Expense Interest Expense Dividends Declared 18366 720 360 8472 700 Total 111184 1. A physical count of inventory revealed that the ending inventory was overstated by $600. 2. No interest revenue was recognized on the Note Receivable during the year. The Note has been outstanding since the beginning of the year. The interest rate is 6% per annum. 3. On November 30, 2021 the company paid $1680 for a 12 month insurance policy. The purchase of the policy was recorded as prepaid insurance and no adjustment has been made to reflect the expiration of the policy. 4. Depreciation expense of $360 for equipment has not been recognized. 5. On October 31, 2021 the company paid $600 for a 24 month rental of some equipment. The payment was recorded as prepaid rent and no adjustment has been made to reflect the expiration of the lease. 6. On December 31, 2021, there were unrecorded wages due to employees in the amount of $524. 7. On August 31, 2021 the company paid $336 for a 12 month equipment rental. The amount was recorded as Rent expense. No subsequent entries have been made. 8. On October 31, 2021, the company signed a one year rental agreement for a truck. The agreement will result in a payment of $336 at the end of the twelve month period. The transaction had not been recorded. 9. On November 30, 2021, the company received $138 from a customer for products that will be provided in August 2022. The receipt was recorded as revenue. 10. Interest due on loan notes payable that mature in 2022 has not been recorded. The amount of interest associated with the note is $72 11. On December 31, 2021 products in the amount of $1944 were provided to customers that had paid in advance. The payments were recorded as Unearned Revenue.. 12. Cash payments of interest to lenders in the amount of $360 were inadvertently debited to Accounts Payable rather than Interest Payable. Correct this error. Required 1. Prepare adjusting and correcting entries for each of the events above (use the template below). 2. Prepare an Adjusted Trial Balance. 3. Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet as of December 31, 2021. 1. A physical count of inventory revealed that the ending inventory was overstated by $600. 3. Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet as of December 31, 2021. 1. A physical count of inventory revealed that the ending inventory was overstated by $600. 2. No interest revenue was recognized on the Note Receivable during the year. The Note has been outstanding since the beginning of the year. The interest rate is 6% per annum. s 3. On November 30, 2021 the company paid $1680 for a 12 month insurance policy. The purchase of the policy was recorded as prepaid insurance and no adjustment has been made to reflect the expiration of the policy. 4. Depreciation expense of $360 for equipment has not been recognized. SW On October 31, 2021 the company paid 5600 for a 24 month rental of some e nent. The payment was recorded as prepard rent and no adjustment has been.made to reflect the expiration of the lease. 6. On December 31, 2021, there were unrecorded wages due to employees in the amount of $524. 7. On August 31, 2021 the company paid $336 for a 12 month equipment rental. The amount was recorded as Rent expense. No subsequent entries have been made. W 8. On October 31, 2021, the company signed a one year rental agreement for a truck. The agreement will result in a payment of $336 at the end of the twelve month period. The transaction had not been recorded. 9. On November 30, 2021, the company received $138 from a customer for products that will be provided in August 2022. The receipt was recorded as revenue. 10. Interest due on loan notes payable that mature in 2022 has not been recorded. The amount of interest associated with the note is $72. 11. On December 31, 2021 products in the amount of $1944 were provided to customers that had paid in advance. The payments were recorded as Unearned Revenue. 12. Cash payments of interest to lenders in the amount of $360 were inadvertently debited to Accounts Payable rather than Interest Payable. Correct this error. Upon completion, enter the following summary data here: Net Income Total Assets submit Total Liabilities