During the course of your examination of the financial statements of a company for the year ended December 31, 2024, you come across several items needing further consideration. Currently, net income is $88,000. An insurance policy covering 12 months was purchased on October 1, 2024, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2024. During 2024, the company received a $2,800 cash advance from a customer for services to be performed in 2025. The $2,800 was incorrectly credited to Service Revenue. Purchases of supplies during the year were incorrectly recorded to Supplies Expense. You discover that supplies costing $2,150 were on hand at December 31, 2024. The company borrowed $58,000 from a local bank on September 1, 2024. Principal and interest at 12% will be paid on August 31, 2025. No accrual was made for interest in 2024