Question

LWLMISTOT Journal entry worksheet 07 1 2 3 4 5 6 points eBook On October 1, 2021, Hurricane lends $7,800 to another company. The other company signs a note indicating principal and 8% interest will be paid to Hurricane on September 30, 2022. Record the adjusting entry for interest at its year-end of December 31. Note: Enter debits before credits. Peint Date General Journal References December 31 Debit Credit Record entry Clear entry View general journal

Answer 1

Following are the Journal entries:-

Date	General Journal	Debit	Credit
Dec-31	Interest Receivable A/c	$156
	To Interest Income A/c		$156
Dec-31	Rent A/c	$1,800
	To Prepaid Rent A/c		$1,800
Dec-31	Deferred Revenue A/c	$4,900
	To Rent Received A/c		$4,900
Dec-31	Depreciation on Machinery A/c	$4,300
	To Machinery A/c		$4,300
Dec-31	Salary A/c	$3,800
	To Outstanding Salary A/c		$3,800
Dec-31	Suplies on Hand A/c	$2,300
	To Supplies A/c		$2,300