The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. On December 1, 2017, the company paid its annual fire insurance premium of $5,600 for the year beginning December 1 and debited prepaid insurance. On August 31, 2017, the company borrowed $92,500 from a local bank. The note requires principal and interest at...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. On December 1, 2020, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and debited prepaid insurance. On August 31, 2020, the company borrowed $80,000 from a local bank. The note requires principal and interest at...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. On December 1, 2020, the company paid its annual fire insurance premium of $5,600 for the year beginning December 1 and debited prepaid insurance. On August 31, 2020, the company borrowed $92,500 from a local bank. The note requires principal and interest at...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded OK 1. On December 1, 2020, the company paid its annual fire insurance premium of $3,200 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $50,000 from a local bank. The note requires principal...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
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The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded 1. On December 1, 2017, the company paid its annual fire insurance premium of $8,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2017, the company borrowed $145,000 from a local bank. The note...
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The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2017, the company paid its annual fire insurance premium of $3,200 for the year beginning December 1 and debited prepaid insurance, 2. On August 31, 2017, the company borrowed $50,000 from a local bank....
Exercise 2-11 (Algo) Adjusting entries; fiscal year (LO2-6] The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance. 2. On August 31, 2020, the company borrowed $42,500 from...
Exercise 2-11 (Algo) Adjusting entries; fiscal year (LO2-6] The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $5,200 for the year beginning December 1 and debited prepaid insurance. 2. On August 31, 2020, the company borrowed $85,000 from...
Chandra Company's fiscal year ends on June 30. It is June 30, 2018, and all of the 2018 entries have been made, except the following adjusting entries: a. On March 30, 2018, Chandra paid $3,200 for a six-month premium for property insurance starting on that date. Cash was credited and prepaid insurance was debited for this amount. b. At June 30, 2018, wages of $900 were earned by employees but not yet paid. The employees will be paid on the...