2 The following information concerns the adjusting entries to be recorded on November 30, 2020, for Railink's year just ended. a. The Office Supplies account started the year with a $5,600 balance. During 2020, the company purchased supplies at a cost of $25,600, which was added to the Office Supplies account. The inventory of supplies on hand at November 30 had a cost of $7,100, b. An analysis of the company's Insurance policies provided these facts: 10 point Foley 1 2 3 Date of Purchase March 1, 2019 March 1, 2020 July 1, 2020 Years of Coverage Total Cost $ 7,689 25, 200 4,740 Pule Rice The total premium for each policy was paid in full at the purchase date, and the Prepaid Insurance account was debited for the full cost. Appropriate adjusting entries have been made to November 30, 2018 c. The company has 15 employees who eam a total of $5,600 in salaries for every working day. They are paid each Wednesday for their work in the five-day workweek ending on the preceding Friday. All 15 employees worked November 23 to 27 inclusive. They will be paid salaries for five full days on Wednesday, December 2, 2020 d. The company purchased a building on July 1, 2020. The building cost $314,000 and is expected to have a $33,000 residual value at the end of its predicted 20-year life. e. Because the company is not large enough to occupy the entire building. It arranged to rent some space to a tenant at $3,900 per month, starting on October 1, 2020. The rent was paid on time on October 1, and the amount received was credited to the Rent Revenue account. However, the tenant has not paid the November rent. The company has worked out an agreement with the tenant, who has promised to pay both November's and December's rent in full on December 15, 1. on October 1, the company also rented space to another tenant for $4.050 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Uneared Rent account, Assume Rollink uses the straight-line method to depreciate its assets. For the ease of calculations, assume that Salaries for November 30 is not considered for accrual purposes. Required: 1. Use the information to prepare the annual adjusting entries as of November 30, 2020. (Do not round intermediate calculations, Round your final answer to nearest whole dollar) View transaction list Journal entry worksheet 2 3 4 5 > d. 2 residual value at the end of its predicted 20-year life. e. Because the company is not large enough to occupy the entire building. It arranged to rent some space to a tenant at $3,900 per month, starting on October 1, 2020. The rent was pold on time on October 1, and the amount received was credited to the Rent Revenue account. However, the tenant has not paid the November rent. The company has worked out an agreement with the tenant, who has promised to pay both November's and December's rent in full on December 15. 6. On October 1, the company also rented space to another tenant for $4,050 per month. The tenant pold five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent account. 10 points Assume Railink uses the straight-line method to depreciate its assets. For the case of calculations, assume that Salaries for November 30 is not considered for accrual purposes Required: 1. Use the Information to prepare the annual adjusting entries as of November 30, 2020. (Do not round intermediate calculations. Round your final answer to nearest whole dollar) Dent Merences View transaction lit 1 Record the cost of supplies used during the year 2. Record the cost of insurance coverage that expired during the year Record the accrued but unpaid salaries * Record the depreciation experte Crede 5 Record the rent receivable. Record the amount of rent revenue. Note Journal entry has been entered Record entry Clear entry View general Journal M Graw Record entry Clear entry View general journal 2. Prepare journal entries to record the subsequent cash transactions in December 2020 described in parts (c) and (e). View transaction list X 1 Record the payment of accrued salaries. 2 Record the past due rent for two months. Credit Note : - Journal entry has been entered Record entry Clear entry View general Journal 2 The following information concerns the adjusting entries to be recorded on November 30, 2020, for Railink's year just ended. a. The Office Supplies account started the year with a $5,600 balance. During 2020, the company purchased supplies at a cost of $25,600, which was added to the Office Supplies account. The inventory of supplies on hand at November 30 had a cost of $7,100, b. An analysis of the company's Insurance policies provided these facts: 10 point Foley 1 2 3 Date of Purchase March 1, 2019 March 1, 2020 July 1, 2020 Years of Coverage Total Cost $ 7,689 25, 200 4,740 Pule Rice The total premium for each policy was paid in full at the purchase date, and the Prepaid Insurance account was debited for the full cost. Appropriate adjusting entries have been made to November 30, 2018 c. The company has 15 employees who eam a total of $5,600 in salaries for every working day. They are paid each Wednesday for their work in the five-day workweek ending on the preceding Friday. All 15 employees worked November 23 to 27 inclusive. They will be paid salaries for five full days on Wednesday, December 2, 2020 d. The company purchased a building on July 1, 2020. The building cost $314,000 and is expected to have a $33,000 residual value at the end of its predicted 20-year life. e. Because the company is not large enough to occupy the entire building. It arranged to rent some space to a tenant at $3,900 per month, starting on October 1, 2020. The rent was paid on time on October 1, and the amount received was credited to the Rent Revenue account. However, the tenant has not paid the November rent. The company has worked out an agreement with the tenant, who has promised to pay both November's and December's rent in full on December 15, 1. on October 1, the company also rented space to another tenant for $4.050 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Uneared Rent account, Assume Rollink uses the straight-line method to depreciate its assets. For the ease of calculations, assume that Salaries for November 30 is not considered for accrual purposes. Required: 1. Use the information to prepare the annual adjusting entries as of November 30, 2020. (Do not round intermediate calculations, Round your final answer to nearest whole dollar) View transaction list Journal entry worksheet 2 3 4 5 > d. 2 residual value at the end of its predicted 20-year life. e. Because the company is not large enough to occupy the entire building. It arranged to rent some space to a tenant at $3,900 per month, starting on October 1, 2020. The rent was pold on time on October 1, and the amount received was credited to the Rent Revenue account. However, the tenant has not paid the November rent. The company has worked out an agreement with the tenant, who has promised to pay both November's and December's rent in full on December 15. 6. On October 1, the company also rented space to another tenant for $4,050 per month. The tenant pold five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent account. 10 points Assume Railink uses the straight-line method to depreciate its assets. For the case of calculations, assume that Salaries for November 30 is not considered for accrual purposes Required: 1. Use the Information to prepare the annual adjusting entries as of November 30, 2020. (Do not round intermediate calculations. Round your final answer to nearest whole dollar) Dent Merences View transaction lit 1 Record the cost of supplies used during the year 2. Record the cost of insurance coverage that expired during the year Record the accrued but unpaid salaries * Record the depreciation experte Crede 5 Record the rent receivable. Record the amount of rent revenue. Note Journal entry has been entered Record entry Clear entry View general Journal M Graw Record entry Clear entry View general journal 2. Prepare journal entries to record the subsequent cash transactions in December 2020 described in parts (c) and (e). View transaction list X 1 Record the payment of accrued salaries. 2 Record the past due rent for two months. Credit Note : - Journal entry has been entered Record entry Clear entry View general Journal