Johns Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past year have been journalized and posted. The following data with respect to adjusting entries at year-end are available: Johns winterized (cleaned and covered) three boats for customers at the end of November, but did not record the service for $3,300. On October 1, Johns paid $2,200 to the local newspaper for an advertisement to run every Thursday for 12 weeks. All ads have been run except for three Thursdays in December to complete the 12-week contract. Johns borrowed $300,000 at an 11 percent annual interest rate on April 1 of the current year to expand its boat storage facility. The loan requires Johns to pay the interest quarterly until the note is repaid in three years. Johns paid quarterly interest on July 1 and October 1. The Johnson family paid Johns $4,500 on November 1 to store its sailboat for the winter until May 1 of the next fiscal year. Johns credited the full amount to Unearned Storage Revenue on November 1. Johns used boat-lifting equipment that cost $180,000; $18,000 was the estimated depreciation for current year. Boat repair supplies on hand at the beginning of the current year totaled $18,900. Repair supplies purchased and debited to Supplies during the year amounted to $45,200. The year-end count showed $15,600 of the supplies on hand. Wages of $5,600 earned by employees during November were unpaid and unrecorded at November 30. The next payroll date will be December 5 of the next fiscal year.

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