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Problem #$1(12$ points$)$ The following is a partial list of accounts and their balances were taken from the unadjusted trial balance of the Caleb Company as of Dec. $31,2021,$ its fiscal year end:

Accounts Receivable $$9,000$

Note Payable $$50,000$

Supplies Expense $$2,400$

Prepaid Insurance $$1,500$

Equipment $$10,000$

Accumulated Depreciation $$1,800$

Deferred Rent Revenue $$18,000$

Prepare the ANNUAL adjusting entries associated with the following items $($write $$no entry$$ if none is needed$).$ Note, if the appropriate account is not listed above, you must assume it has a $$0$ balance.

$($a$)$ Rent was collected on $9/1/2021.$ It was a $6$ month lease.

Debit: Unearned rent revenue: $1,666\mathrm{.}67$

Credit: Rent Revenue :$1,667\mathrm{.}67$

$($b$)$ At the end of the year, Caleb had supplies on hand of $$500.$

Debit supplies expense: $500\mathrm{.}00$

Credit supplies: $500\mathrm{.}00$

$($c$)$ The Note Payable is a $5$ year note with a $12\%$ interest rate, payable semi$-$annually on $5/1$ and $11/1.$ The money was borrowed on $11/1/2021.$ What adjusting entry would be made on $12/31/2021.$

$($d$)$ Ignore prior information: If cash revenues exceeded cash expenses by $$30,000$ for $2021.$ If accounts receivable decreased by $$600$ during the year and deferred revenue increased by $$900$ during the year, what was accrual net income?

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