The transactions provided for adjusting are:

1. Supplies on hand at December 31st are $320,
2. An Internet service bill (utility bill) for $270 has not been recorded and will not be paid until next month,
3. Annual depreciation is $720 on Equipment, adjust for one month,
4. Salaries accrued at $4,800 for the month of December,
5. Rent was prepaid for one year, adjust for one month,
6. Phone service (utility) accrued at $120 for the month of December,
7. Half of Unearned Service Revenues were earned (performed) during the period,
8. Invoices representing $9,300 of services performed during the month have not been recorded yet
9. Interest accrued on notes payable at the end of the month $500,
10. Billed customers for services performed $6,000.

Requirements: (a) Prepare the Adjusting entries for one month.

(b) Post the transactions into the related T-Accounts.

Graystone Inc Trial Balance December 31, 2020 Account Title Debit Credit Cash 35,250 Supplies 2,500 Prepaid Rent 24,000 Accounts Receivable 2,800 Equipment 14,000 Accounts Payable 9,500 Unearned Service Revenue 8,500 Notes Payable (2030) 10,000 Share Capital-Ordinary 48,000 Dividends 5,500 Service Revenue 5,600 Rent Revenue 3,200 Utilities Expense 750 Total 84,800 84,800