Current Attempt in Progress The unadjusted trial balance of Grouperinc, at the company's year end of December 31, follows: Grouper INC. Trial Balance December 31, 2021 Debit Credit Cash $24,880 Accounts receivable 31.800 Inventory 28.900 Supplies 2,600 Prepaid insurance 2,700 Land 30.000 163,000 Buildings Accumulated depreciation-buildings $26,080 45.000 Equipment 18,000 Accumulated depreciation equipment 36,600 Accounts payable 4,400 Deferred revenue 148.300 Bank loan payable 14,300 Common shares 31,800 Retained earnings 180 -11 E 18.000 36,600 4,400 148,300 14.300 31,800 Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings Dividends declared Sales Cost of goods sold Salaries expense Utilities expense Interest expense Income tax expense 1,800 268.400 170.000 29.000 4,900 7.500 5,800 $547,880 $547,880 Additional information and adjustment data: 1 2. A 12-month insurance policy was purchased and was effective February 1, 2021. There was $759 of supplies on hand on December 31 Depreciation expense for the year is $6,520 for the buildings and $4,500 for the equipment. 3 . . Salaries of $759 are accrued and unpaid at December 31 Accrued interest expense at December 31 is $761 Question 3 of 3 - 11 1. A 12-month insurance policy was purchased and was effective February 1, 2021. 2. There was $759 of supplies on hand on December 31. 3. Depreciation expense for the year is $6,520 for the buildings and $4.500 for the equipment. 4. Salaries of $759 are accrued and unpaid at December 31. 5. Accrued interest expense at December 31 is $761. 6. There was deferred revenue of $942 that still needed to be deferred as at December 31. The balance had been earned. Of the deferred revenue that had been earned, the cost of goods sold was $1.800. 7. Of the bank loan payable. $8.918 is payable next year. 8. Income tax of $480 is due and unpaid. 9. A physical count of inventory indicates $23.470 on hand at December 31. 10. Common shares of $2,700 were issued during the year, -/1 Record the required adjusting entries, assuming the company adjusts its accounts annually. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Insurance Expense Prepaid Insurance (Insurance expense recorded) 31 Supplies Expense Supplies (Suppllies expenses recorded) 31 Depreciation Expense Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment (Depreciation expense for the year recorded) 31 Salaries Expense Salaries Payable pense recorded) Question 3 of 3