1. Analysis of transactions, registration and transfer (Journal Entry)

On July 1, Friler Company purchased a 1-year insurance policy by paying $5,400. Prepare journal entries to record the purchase and the related year-end adjusting entry.

2. Adjusting Entries

On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued an 8%, 12-month note for this amount, with the interest to be paid on the maturity date. Prepare journal entries to record the sale of the land and the related year-end adjusting entry.

3. Closing Entries

For the current year, Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the begin-ning of the year, its retained earnings had a balance of $95,000. During the year, Vidalia paid $11,000 dividends to shareholders. Its contributed capital was $56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalia's assets total $237,500 on December 31 of the current year. What are Vidalia's total liabilities on December 31 of the current year?