ork Jordan Company's annual accounting year ends on December 31 It is now December 31, 2018, and all of the 2018 entries have been made except for the following a. The company owes interest of $620 on a bank loan. The interest will be paid when the loan is repaid on September 30, 2019. No interest has been recorded b On September 1, 2018, Jordan collected six months' rent of $4,320 on storage space. At that date, Jordan debited Cash and credited Deferred Revenue for $4,320 c The company earned service revenue of $2.500 on a special job that was completed December 29, 2018. Collection will be made during January 2019. No entry has been recorded. d. On November 1, 2018, Jordan paid a one-year premium for property insurance of $3,720, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount. e. At December 31, 2018,Ivages earned by employees but not yet paid totaled $1,100. The employees will be paid on the next payroll date, January 15, 2019 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 $29,200. The company's income tax rate is 30%. Compute and record income tax expense. Required: 1. Give the adjusting journal entry required for each transaction at December 31. 2018 2. 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. Prev4 of 9 Next > Saved View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Required 2> Jordan Company's net income would have been understated, or overstated, had the adjustments in requirement 1 not be Complete this question by entering your answers in the tabs below. Required 1 Required 2 If adjustments were not mlde each period, the financdial results could be materially misstated. Determine the amount by which 3ora ompany's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. Tip: In transaction (b), Jordan Company has met its obligation for four of the six months, thereby earning 4/6 of the rent collected Tip: In transaction (d), two months of insurance coverage has now expired. Jordan Company's Net income by