TH Chamber. The trial balance for TH Chamber at December 31, 2021 is shown below. The company prepares yearly financial statements. Account Titles . . . . . . . . . . . . . Debit ($) . . . . . . . . . . . Credit ($) Cash. . . . . . . . . . . . . . . . . . . . . . .12450 Accounts Receivable . . . . . . . . 2300 Supplies . . . . . . . . . . . . . . . . . . . 2400 Prepaid Insurance . . . . . . . . . . . 2900 Equipment . . . . . . . . . . . . . . . . . 8000 Furniture. . . . . . . . . . . . . . . . . . . 6700 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4300 Unearned Service Revenue . . . . . . . . . . . . . . . . . . . . . . . . 2900 Owner's Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21000 Service Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7500 Salaries Expense . . . . . . . . . . . . 7800 Utilities Expense . . . . . . . . . . . . 150 Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7000 Total . . . . . . . . . . . . . . . . . . . . . . 42700 . . . . . . . . . . . . . . . 42700 Instructions: Prepare the adjusting entries for the year of 2021 (January 1, 2021December 31, 2021). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Adjustment 1. 1. The annual loan interest rate is 12%. (The loan was taken on August 1, 2021)

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Account to be credited is

Amount is $ ________

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Adjustment 2. 2. Annual depreciation on equipment is $480. The equipment was purchased on January 1, 2020.

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Adjustment 3. 3. A count on December 31, 2021 shows $580 of supplies on hand.

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Adjustment 4. 4. Unearned service revenue of $2700 was earned in 2021.

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Adjustment 5. 5. There are five salaried employees in the company. Salaries are paid every Thursday for the current week. The five employees receive a salary of $900 each per week. Employees work five days a week (Sunday to Thursday) and they do not work on weekends (Friday and Saturday). Assume December 31 is a Tuesday. All the employees work through December 31st.

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Adjustment 6. 6. Invoices representing $4400 of services performed during the quarter have not been recorded as of December 31, 2021.

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Adjustment 7. 7. TH Chamber has separate insurance policies on its equipment and its furniture. Policy A on the equipment, which was purchased on November 1, 2020 for $2664 has a term of 4 years. Policy B on the furniture, which was purchased on March 1, 2021 for $1224 has a term of 2 years.

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Adjustment 8. 8. Utilities expense incurred but not paid on December 31, 2021 totalled $2430.

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