II. Prepare the required adjusting entries on December 31, 2023, for Metro Company or Denver Inc. for each of the following unrelated situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.

Prepare the required adjusting entry, ONLY. You will lose a point or two for unnecessary entries.

1. On October 1, 2023, Metro lent $90,000 to Denver. A nine-month note was signed by Denver with principal and 8% interest to be paid on June 30, 2024. Prepare Metro's adjusting entry on December 31, 2023.

2. On October 1, 2023, Denver borrowed $90,000 from Metro. A nine-month note was signed by Denver with principal and 8% interest to be paid on June 30, 2024. Prepare Denver's adjusting entry on December 31, 2023.

3. On November 1, 2023, Metro (tenant) paid Denver (building owner) $6,000 representing rent for the months of November through January. Prepaid rent was debited when paid. Prepare Metro's adjusting entry on December 31, 2023.

4. On November 1, 2023, Metro (tenant) paid Denver (building owner) $6,000 representing rent for the months of November through January. Rent expense was debited when paid. Prepare Metro's adjusting entry on December 31, 2023.

5. On November 1, 2023, Denver (building owner) received $6,000 from Metro (tenant) representing rent for the months of November through January. Unearned rent was credited when received. Prepare Denver's adjusting entry on December 31, 2023.

6. On November 1, 2023, Denver (building owner) received $6,000 from Metro (tenant) representing rent for the months of November through January. Rent revenue was credited when received. Prepare Denver's adjusting entry on December 31, 2023.

7. Metro's vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. Metro records vacation pay as salaries expense. Prepare Metro's adjusting entry on December 31, 2023.

8. Metro began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies (as an asset). At year-end, supplies costing $3,250 remain on hand. Prepare Metro's adjusting entry on December 31, 2023.

9. Metros depreciable equipment has a cost of $30,000, a five-year life, and no salvage value. The equipment was purchased in 2021. The straight-line depreciation method is used. Prepare Metro's adjusting entry on December 31, 2023.

10. On April 1, 2023, Metro paid $2,400 for a two-year fire and liability insurance policy and debited prepaid expense. Prepare Metro's adjusting entry on December 31, 2023.

11. On December 1, 2023, Metro borrowed $20,000 from a local bank and signed a six-month note. Principal and interest at 12% will be paid on May 31, 2024. Prepare Metro's adjusting entry on December 31, 2023.