Kalesnikoff Ltd. (K Ltd.) is in the process of completing its year-end accounting work for the year ended December 31, 2021. The company bookkeeper has already recorded the day-to-day business transactions from the year but has come to you for advice regarding any adjustments that may need to be made on December 31, 2021. She provided you with the following details:

1. K Ltd. received an advance cash payment of $50,000 in November relating to work projects that were not completed until December. In November, the bookkeeper correctly recorded the advance payment to the deferred revenue account. Nothing further has been recorded since the projects completion in early December.
2. On December 23, K Ltd. placed an inventory order with a supplier worth $2,000. Nothing has been recorded in the accounting records and the supplier will be shipping the goods to K Ltd. in January.
3. K Ltd. signed a $100,000 note payable on January 1, 2021, that bears annual interest of 5%. On January 1, 2021, the bookkeeper correctly recorded the original transaction as a note payable. The first interest payment is due in January of 2022 and K Ltd. has not paid or recorded the interest that it owes to date on this note payable.

4. In November, K Ltd. paid its landlord $8,000 to cover December and January rent. In November, the bookkeeper had correctly recorded this amount to the prepaid rent account. No adjustments have been made since November and the balance in the prepaid rent account is still $8,000.
5. The management of K Ltd. conducted an inventory valuation analysis and determined that as of December 31, 2021, the net realizable value of inventory is $40,000. In K Ltd.s accounting records, the inventory account shows a balance of $50,000, which reflects the original cost of the inventory.
6. K Ltd. employees are paid twice per month. Employees earned $21,000 in wages relating to work performed from Dec. 15 31, but they have not yet been paid for this work. The employees will be compensated for this work in January via cash payment. These wages have not yet been recorded in the accounting system.
7. K Ltd.s unadjusted net income before taxes was $100,000 for the annual period before considering the adjustments noted above. K Ltd. has not paid any taxes yet and still owes the government income taxes for all activity of this annual period. Assume a corporate tax rate of 10%.

Required: Prepare the adjusting journal entries for the facts noted in A- G. If applicable, please indicate if no journal entry is required. It is to be assumed that all adjusting journal entries are being made on December 31, 2021 (i.e., you do not need to date each entry).