1. Our company has a Dec. 31, 2020 fiscal year end. Prepare adjusting entries: A. Depreciation...
Adjusting Entries Prepare the necessary adjusting entries at year end of December 31, 2014 for the JS Corporation for each of the following. No adjusting entries were made during the year. If no adjustment is needed, state that fact. Round to the nearest dollar. 1. On December 20, 2014, JS received a $4,000 payment from a customer for services to be rendered early in 2015. Service revenue was credited. 2. On December 1, 2014, JS paid a local radio station...
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...
The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31 a. On July 1, 2021, purchased $16,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 12%. b. Vito's depreciable equipment has a cost of $9.000, a five-year life, and no salvage value. The equipment was purchased in 2019. c....
The following transactions and events for Star Corp. are being reviewed for possible adjusting entries at December 31, 2020 (fiscal year end is Dec 31). Equipment used in operations cost $420,000; it was purchased on July 1, 2017. It has an estimated useful life of 12 years. Straight-line depreciation is used. At the beginning of 2020, supplies amounted to $600. During 2020, supplies of $8,800 were purchased; this amount was debited to Supplies Expense. An inventory of supplies at the...
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 information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito’s Pizza Parlor appears below. Vito’s fiscal year-end is December 31. On July 1, 2021, purchased $13,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 12%. Vito’s depreciable equipment has a cost of $33,000, a five-year life, and no salvage value. The equipment was purchased in 2019. The straight-line depreciation...
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...
The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31. a. On July 1 2021, purchased $15,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 11% b. Vito's depreciable equipment has a cost of $42.000, a six-year life, and no salvage value. The equipment was purchased in 2019 The...