Sheridan Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2021, year end: 1. 2. 3. 4. 5. On October 1, 2020, the company had a balance of $2,160 in its supplies account. Additional supplies were purchased during the year totalling $1,870. The supplies inventory on September 30, 2021, amounts to $890. On November 1, 2020, Sheridan purchased a one-year insurance policy for $3,480. On January 2, 2021, a client paid $1,560 for six months of lessons starting April 2, 2021. On February 1, 2021, Sheridan purchased a grand piano (to be used in music lessons) for $27,360. The piano's estimated useful life is 12 years. On May 1, 2021, Sheridan borrowed $25,800 from the bank and signed a 10-month, 6% note payable. Interest and principal are to be paid at maturity. On August 1, 2021, Sheridan signed a contract with a neighbourhood school to provide weekly piano lessons to some of its students for a fee of $1,760 per month. The contract called for lessons to start on September 1, 2021. The school has not yet been sent an invoice for the month of September. On August 15, 2021, the company paid $10,620 to Pinnacle Holdings to rent additional studio space for nine months starting September 1. Sheridan recorded the full payment as Prepaid Rent. 6. 7. 8. 9. Sheridan's instructors have earned salaries of $2,590 for the last week of September 2021. This amount will be paid to the instructors on the next payday: October 6, 2021. Music lessons were provided to a local church group for $1.260 on September 30, 2021. Sheridan has not yet invoiced the group or recorded the transaction. In early October 2021, Sheridan received an invoice for $880 from the utility company for September utilities. The amount has not yet been recorded or paid. 10. Prepare the adjusting journal entries. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts.)