Other data: 1. Supplies on hand at December 31 are $2,500 2. A utility bill for $1,000 has nol been recorded and will not be paid until next month. (The appropriate liahility account here is accounts payahle) 3. The insarance polscy was purchased on September 1.2021 and is for a year, 4. $4,500 of uncamed service revenue is recognined for services performed at the end of December. 5. The note payable was issued on October 1. It is a 986, 6-month note. (The appropriate liability account bere is interest payable) 6. The equipment was parchased before 2021. It has a 4-year period with no residual value. It is being depreciated at $24,000 per year. 7. Invoices represeating $5,000 of services performed during the month have not been recoeded as of December 31 . Instructions: 1) Prepare the adjusting entrics for the year ended December 31, 2021. 2) If each of the above adjustments was not made, show the effect on net income, sharcholders equity, assets and liabilities accordingly, by forming a table as shown: Use the terms Overstated and Understated. Use N/A for any item that won't be affected by the adjustment