The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2022. Apr. 1 Paid $5,200 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,600 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,650 remained on hand. Nov. 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2022. Required: 1. Record each transaction in general journal form. 2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each transaction in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in th first account field.) View transaction list Journal entry worksheet 1 2 3 4 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2022. Note: Enter debits before credits. Date Feb 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31. a. On July 1, 2021, purchased $10,500 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 12%. b. Vito's depreciable equipment has a cost of $36,600, a six-year life, and no salvage value. The equipment was purchased in 2019. The straight-line depreciation method is used. c. On November 1, 2021, the bar area was leased to Jack Donaldson for one year. Vito's received $6,300 representing the first six months' rent and credited deferred rent revenue. d. On April 1, 2021, the company paid $2,520 for a two-year fire and liability insurance policy and debited insurance expense. e. On October 1, 2021, the company borrowed $21,000 from a local bank and signed a note. Principal and interest at 12% will be paid on September 30, 2022. f. At year-end, there is a $1,850 debit balance in the supplies (asset) account. Only $710 of supplies remain on hand. Required: 1. Prepare the necessary adjusting journal entries at December 31, 2021. 2. Determine the amount by which net income would be misstated if Vito's failed to record these adjusting entries. (Ignore income tax expense.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the necessary adjusting journal entries at December 31, 2021. (If no entry is required for a transaction/event, select "No j entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 5 6 On July 1, 2021, purchased $10,500 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 12%. Note: Enter debits before credits. Transaction a. General Journal Debit Credit > Brief Exercise 2-1 (Algo) Transaction analysis [LO2-1] The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $215,000 (assume Marchetti uses a perpetual inventory system); (2) paid $54,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $148,000 to credit customers for $270,000; (4) collected $250,000 in cash from credit customers; and (5) paid suppliers of inventory $195,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.) Liabilities + Paid-in capital + Retained Earnings Assets (1) (2) (3) (4) (5) Brief Exercise 2-10 (Algo) Financial statements [LO2-7] The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $445,000; cost of goods sold, $228,000; salaries expense, $57,000; rent expense, $32,000; depreciation expense, $42,000; and miscellaneous expense, $24,000. Prepare an income statement for 2021. BOWLER CORPORATION Income Statement For the Year Ended December 31, 2021