Jabra Company has been operating as a private company for the past several years and in 2020 it needed some additional outside financing to support an expansion of its facility In order to receive this financing from a local bank, an external audit of the company books was required and you were assigned the work In your analysis of company records, you identified the following items In analyzing the company payroll, you found that salaries were not properly accrued at the conclusion of each of the previous three years Instead they were expensed the next year when paid The amounts owed at the conclusion of each year are as follows 2018 $16,000 2019 $21,000 2020 $8,000 In analyzing the accounting for a company owned rental property it was identified that Jabra recognized revenue when it was received from its tenants rather than when it was earned The lease term for the properties is July 1 st through June 30 th The total amount of rent received is shown below 2019 $26,000 2020 $28,000 In analyzing the company inventory accounts it was determined that the ending inventory for 2020 was overstated by $24,000 There were no records available for prior years In analyzing the company fixed assets you identified that the company had purchased fixed assets for a total of $600,000 at the beginning of 2018 The company depreciated using the straight line method with a salvage value of $20,000 and an estimated life of 10 years At the end of 2020, the company decided using a total useful life of 8 years would be more appropriate Depreciation in 2020 has not been recorded yet In analyzing company payables at the end of 2020, it was determined that $4,000 of 2020 miscellaneous expenses were not accrued at year end There were also $2,500 of expenses that were paid in 2020 relating to 2019 expenses that were not properly accrued in 2019 Prepare the necessary journal entries (if any) to adjust the records of Jabra Company to their required amounts Assume that the books for 2020 are still open and that all issues identified are material in nature You can also ignore the income tax ramifications of changes made

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Jabra Company has been operating as a private company for the past several years and in 2020 it needed some additional outside financing to support

Jabra Company has been operating as a private company for the past several years and in 2020 it needed some additional outside financing to support an expansion of its facility. In order to receive this financing from a local bank, an external audit of the company books was required and you were assigned the work. In your analysis of company records, you identified the following items:

In analyzing the company payroll, you found that salaries were not properly accrued at the conclusion of each of the previous three years. Instead they were expensed the next year when paid. The amounts owed at the conclusion of each year are as follows:
- 2018- $16,000
- 2019- $21,000
- 2020- $8,000
In analyzing the accounting for a company-owned rental property it was identified that Jabra recognized revenue when it was received from its tenants rather than when it was earned. The lease term for the properties is July 1^st through June 30^th. The total amount of rent received is shown below:
- 2019- $26,000
- 2020- $28,000
In analyzing the company inventory accounts it was determined that the ending inventory for 2020 was overstated by $24,000. There were no records available for prior years.
In analyzing the company fixed assets you identified that the company had purchased fixed assets for a total of $600,000 at the beginning of 2018. The company depreciated using the straight-line method with a salvage value of $20,000 and an estimated life of 10 years. At the end of 2020, the company decided using a total useful life of 8 years would be more appropriate. Depreciation in 2020 has not been recorded yet.
In analyzing company payables at the end of 2020, it was determined that $4,000 of 2020 miscellaneous expenses were not accrued at year end. There were also $2,500 of expenses that were paid in 2020 relating to 2019 expenses that were not properly accrued in 2019.

Prepare the necessary journal entries (if any) to adjust the records of Jabra Company to their required amounts. Assume that the books for 2020 are still open and that all issues identified are material in nature. You can also ignore the income tax ramifications of changes made.