Question 5 (25 points) Adjusting Entries - 25 marks Jimmy Smallheart, the owner of Vector Enterprises needs you to make the annual adjusting entries for the year ended June 30, 2021. Use the following information to calculate your entries. Use the explanation line of your entries to show your calculations. 1 Vector Enterprises calculates that $859 worth of prepaid insurance expired this fiscal year. 2 As at June 30, the company consumed $2,771 of supplies that were previously on- hand. 3 In May, the company entered into a contract to provide services for a customer. The customer paid $5,500 in advance. At year end, only $1,285 of the money was unearned. 4 Annual depreciation of equipment is $26,002. 5 Vector Enterprises is open 7 days a week. This year, June 30, 2021, falls on a Wednesday. The weekly pay period end on Saturdays. If the daily cost of payroll is $801. calculate the adjusting entry for year-end, AND the payment of wages on the following Sunday. 6 The company loaned $11,700 to a customer on May 1, 2021 for a period of 90 days at an interest rate of 11.0%. No payment of interest or principal has happened as of year-end. Record the adjusting entry and the payment in full at the end of the term. Cr Dr 10,400 S 11,700 6,300 1,300 6,800 95,000 un 26,100 73,000 Vector Enterprises Unadjusted Trial Balance June 30, 2021 Account 101 Cash 110 Accounts Receivable 112 Notes Receivable 113 Interest Receivable 114 Supplies 124 Prepaid Insurance 125 Prepaid Rent 130 Equipment 131 Accumulated Depreciation, Equipment 160 Vehicles 161 Accumulated Depreciation, Vehicles 210 Accounts Payable 215 Salaries Payable 220 Unearned Revenue 300 Jimmy Smallheart, Capital 310 Jimmy Smallheart, Withdrawals 400 Revenue 450 Interest Revenue 610 Advertising Expense 630 Depreciation Expense, Vehicles 631 Depreciation Expense, Equipment 640 Insurance Expense 660 Rent Expense 665 Supplies Expense 670 Utilities Expense 680 Wages and Salaries Expense 18,100 2,700 5,500 205,900 66,500 184,600 63,200 15,100 38,900 10,900 170,200 $ 506,100 S 506,100 ACCT 122 Quiz 2 Student Name: General Journal Page Date Account Title and Explanation PR Debit Credit