Jordan Company's annual accounting year ends on December $31.$ It is now December $31,2024,$ and all of the $2024$ entries have been

made except for the following:

a$.$ The company owes interest of $$700$ on a bank loan. The interest will be paid when the loan is repaid on September $30,2025.$ No

interest has been recorded.

b$.$ On September $1,2024,$ Jordan collected six months' rent of $$4,800$ on storage space. At that date, Jordan debited Cash and

credited Deferred Revenue for $$4,800,$ but has made no adjustments since.

c$.$ The company earned service revenue of $$3,300$ on a special job that was completed December $29,2024.$ Collection will be made

during January $2025.$ No entry has been recorded.

d$.$ On November $1,2024,$ Jordan paid a one$-$year premium for property insurance of $$4,200,$ for coverage starting on that date. Cash

was credited and Prepaid Insurance was debited for this amount.

e$.$ At December $31,2024,$ wages earned by employees but not yet paid totaled $$1,100.$ The employees will be paid on the next payroll

date, January $15,2025.$

f$.$ Depreciation of $$1,000$ must be recognized on a service truck purchased this year.

g$.$ The income after all adjustments other than income taxes was $$30,000.$ The company's income tax rate is $30\%.$ Compute and

record income tax expense.

Required:

Prepare the adjusting journal entry required for each transaction at December $31,2024.$ Tip: In transaction $($b$),$ Jordan Company has

met its obligation for four of the six months, thereby earning $\frac{4}{6}$ of the rent collected. Tip: In transaction $($d$),$ two months of

insurance coverage have now expired.

If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which

Jordan Company's net income would have been understated or overstated had the adjustments in requirement $1$ not been made.

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If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by

which Jordan Company's net income would have been understated or overstated had the adjustments in requirement $1$ not

been made.