Olivers Gifts Inc. prepares financial statements monthly and uses a calendar year. Prepare the monthly adjusting entries for September 30, 2021.

1.The supplies inventory on Sept 1, 2021 was $8,000. Supplies costing $14,000 were acquired during the month and added to the supplies inventory. Supplies of $10,000 were used during September. Adjust supplies.

2. On September 1, 2021 a six-month, 5% note for $4,000 was received from a customer for whom wedding invitations were prepared. The customer will pay this note off (principle plus interest) on the due date. Adjust accrued interest.

3. Olivers Gifts Inc. rents space in another companys warehouse. On May 1, 2021 Olivers Gifts paid $18,000 rent for one year in advance. Adjust prepaid rent.

4. On January 2, 2021 a 2-year insurance policy was purchased for $24,000. Adjust prepaid insurance.