Transaction | General Journal | Debit $ | Credit $ |
1 | Insurance Expense | 700 | |
Prepaid Insurance | 700 | ||
(2,800 x 3/12) | |||
2 | Interest Expense | 850 | |
Interest Payable | 850 | ||
(42,500 x 8% x 3/12) | |||
3 | Deferred Rent revenue | 4,400 | |
Rent Revenue | 4,400 | ||
(17,600 x 3/12 ) | |||
4 | Depreciation Expense | 3,300 | |
Accumulated Depreciation-Office Building | 3,300 | ||
(13,200 x 3/12 ) | |||
5 | Salaries Expense | 14,000 | |
Salaries Payable | 14,000 | ||
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, 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. 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. 1. On December 1, 2017, the company paid its annual fire insurance premium of $9,600 for the year beginning December 1 and debited prepaid insurance. 2. On August 31, 2017, the company borrowed $160,000 from a local bank. The note requires principal and...
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...
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...
please show work 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...
1 2 3 4 5 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....
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $18,000. The company debited Prepaid Insurance for the entire amount. 2. Employee salaries of $25,000 for the month of December will be paid in early January. 3. On November 1, 2021, the company received $6,000 in cash from a customer...