A partial trial balance of Thornbury Ltd. is as follows on December 31, 2027.
| Dr. | Cr. |
|---|
| Supplies | 3,000 | |
| Salaries and Wages Payable | | 1,800 |
| Interest Receivable | 6,120 | |
| Prepaid Insurance | 108,000 | |
| Unearned Rent | | 0 |
| Accrued Interest Payable | | 18,000 |
Additional adjusting data:
- A physical count of supplies on hand on December 31, 2027, totaled $1,320.
- Through oversight, the Salaries and Wages Payable account was not changed during 2027. Accrued Salaries and Wages on December 31, 2027, amounted to $5,280.
- The Interest Receivable account was also left unchanged during 2027. Accrued Interest on investments amounts to $5,220 on December 31, 2027.
- The unexpired portions of the insurance policies totaled $78,000 as of December 31, 2027.
- $28,800 was received on January 1, 2027, for the rent of a building for both 2027 and 2028. The entire amount was credited to rental income.
- Depreciation for the year on equipment was erroneously recorded as $6,000 rather than the correct figure of $60,000.
- A further review of depreciation calculations of prior years revealed that depreciation of $8,640 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.
Instructions: Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2027? (Ignore income tax considerations.)