CP4-2 (Algo) Analyzing and Recording Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-6] Jordan Company's annual accounting year ends on December 31, It is now December 31, 2021, and all of the 2021 entries have been made except for the following: a. The company owes interest of $780 on a bank loan. The interest will be paid when the loan is repaid on September 30,2022 . No interest has been recorded. b. On September 1, 2021, Jordan collected six months' rent of $5,280 on storage space. At that date, Jordan debited Cash and credited Deferred Revenue for $5,280. c. The company earned service revenue of $4,100 on a special job that was completed December 29, 2021. Collection will be made during January 2022. No entry has been recorded. d. On November 1, 2021, Jordan paid a one-year premlum for property insurance of $4,680, for coverage starting on that date. Cash was credited and Prepaid insurance was debited for this amount. e. At December 31,2021 , wages earned by employees but not yet paid totaled $1,000. The employees will be paid on the next payroll date, January 15,2022. f. Depreciation of $1,200 must be recognized on es service truck purchased this year. 9. The income after all adjustments other than inccine taxes was $30,800. The company's income tax rate is 25%. Compute and record income tax expense. Required: 1. Prepare the odjusting Journal entry required for each transaction at December 31, 2021. Tip: in transaction (b), Jordan Company has met its obligation for four of the six months, thereby earning 4/6 of the rent collected. Tip: In transaction (d). two months of insurance coverage have now expired 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Jordan Company's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. Complete this question by entering your answers in the tabs below. Prepare the adyusting journal entry reguiced for each tranasction at December 31, 2921. Tip: In transaction (0), Jordon Company has