The unadjusted trial balance of Vancouver Trucking Inc., at December 31, 2020, Is as follows: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Bond Investment at Amortized Cost Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation--Equipment Goodwill Accounts Payable Bonds Payable (20-year, 7%) Common Shares Retained Earnings Sales Revenue Rent Revenue Advertising Expense Supplies Expense Purchases Purchase Discounts Salaries and wages expense Interest Expense Debit Credit $17,310 102,500 $3,390 61,000 4,559 57,120 31,800 164,000 12,560 32,400 5,400 17.000 110,400 162,000 120,100 61,139 197,000 10,350 23,400 10.300 97.100 950 52.800 12.000 $683,289 $683,289 Prepare the following adjusting and correcting entries for December 31, 2020, using the information given, for the scenarios below (#1 #9); Prepare the following adjusting and correcting entries for December 31, 2020, using the information glven, for the scenarios below (#1 - #9): 1. Actual advertising costs amounted to $1,580 per month. The company has already paid for advertisements for the first two quarters of 2021. 2. The building was purchased and occupied on January 1, 2017, with an estimated useful life of 10 years, and residual value of $38,400. (The company uses straight-line depreciation.) ACCT 3310 Intermediate Financial Accounting 1 - FALL 2020 KWANTLEN POLYTECHNIC UNIVERSITY 3. Prepaid insurance contains the premium costs of several policies, including Policy A. cost of $2.807. one-year term taken out on April 1- 2020: and Policy B. cost of $1.962, three year term. taken out on September 1.2020 4. A portion of Vancouver's Trucking Inc, building has been converted into a snack bar that has been rented to the Blue Spruce Corp. since July 1, 2018, at a rate of $8,900 per year payable each July 1 in advance. 5. One of the company's customers declared bankruptcy on December 30, 2020. It is now certain that the $2,680 the customer owes will never be collected. This fact has not been recorded. In addition, the Company estimates that 3% of the Accounts Receivable balance on December 31. 2020, will become uncollectible. 6. An advance of $810 to a salesperson on December 31, 2020, was charged to Salaries and Wages Expense 7. On November 1, 2015, Vancouver Trucking issued 162 $1,000 bonds at par value. Interest is pald semi-annually on April 30 and October 31. 8. The equipment was purchased on January 1, 2015, with an estimated useful life of 10 years, and no residual value. (The company uses straight-line depreciation.) 9. On August 1, 2020. Vancouver Trucking purchased at par value 42 $1.860, 6% bonds maturing on July 31, 2019. Interest is paid on July 31 and January 31. The unadjusted trial balance of Vancouver Trucking Inc., at December 31, 2020, Is as follows: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Bond Investment at Amortized Cost Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation--Equipment Goodwill Accounts Payable Bonds Payable (20-year, 7%) Common Shares Retained Earnings Sales Revenue Rent Revenue Advertising Expense Supplies Expense Purchases Purchase Discounts Salaries and wages expense Interest Expense Debit Credit $17,310 102,500 $3,390 61,000 4,559 57,120 31,800 164,000 12,560 32,400 5,400 17.000 110,400 162,000 120,100 61,139 197,000 10,350 23,400 10.300 97.100 950 52.800 12.000 $683,289 $683,289 Prepare the following adjusting and correcting entries for December 31, 2020, using the information given, for the scenarios below (#1 #9); Prepare the following adjusting and correcting entries for December 31, 2020, using the information glven, for the scenarios below (#1 - #9): 1. Actual advertising costs amounted to $1,580 per month. The company has already paid for advertisements for the first two quarters of 2021. 2. The building was purchased and occupied on January 1, 2017, with an estimated useful life of 10 years, and residual value of $38,400. (The company uses straight-line depreciation.) ACCT 3310 Intermediate Financial Accounting 1 - FALL 2020 KWANTLEN POLYTECHNIC UNIVERSITY 3. Prepaid insurance contains the premium costs of several policies, including Policy A. cost of $2.807. one-year term taken out on April 1- 2020: and Policy B. cost of $1.962, three year term. taken out on September 1.2020 4. A portion of Vancouver's Trucking Inc, building has been converted into a snack bar that has been rented to the Blue Spruce Corp. since July 1, 2018, at a rate of $8,900 per year payable each July 1 in advance. 5. One of the company's customers declared bankruptcy on December 30, 2020. It is now certain that the $2,680 the customer owes will never be collected. This fact has not been recorded. In addition, the Company estimates that 3% of the Accounts Receivable balance on December 31. 2020, will become uncollectible. 6. An advance of $810 to a salesperson on December 31, 2020, was charged to Salaries and Wages Expense 7. On November 1, 2015, Vancouver Trucking issued 162 $1,000 bonds at par value. Interest is pald semi-annually on April 30 and October 31. 8. The equipment was purchased on January 1, 2015, with an estimated useful life of 10 years, and no residual value. (The company uses straight-line depreciation.) 9. On August 1, 2020. Vancouver Trucking purchased at par value 42 $1.860, 6% bonds maturing on July 31, 2019. Interest is paid on July 31 and January 31