Below are transactions for a company during Year 1 On October 1, Year 1, the company lends $8,700 to another company The other company signs a note indicating principal and 12 interest will be paid to the company on September 30, Year 2 On November 1, Year 1, the company pays its landlord $4,050 representing rent for the months of November through January The payment is debited to Prepaid Rent for the entire amount On August 1, Year 1, the company collects $12,840 in advance from another company that is renting a portion of the companys factory The $12,840 represents one year's rent and the entire amount is credited to Deferred Revenue Depreciation on machinery is $5,200 for the year Salaries for the year earned by employees but not paid to them or recorded are $4,700 The company begins the year with $1,350 in supplies During the year, the company purchases $5,200 in supplies and debits that amount to Supplies At year end, supplies costing $3,200 remain on hand Required Record the necessary adjusting entries at December 31, Year 1, for the company for each of the situations Assume that no financial statements were prepared during the year and no adjusting entries were recorded (If no entry is required for a particular transaction event, select No Journal Entry Required in the first account field Do not round intermediate calculations )

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Posted on May 31, 2024

Below are transactions for a company during Year 1. On October 1, Year 1, the company lends $8,700 to another company. The other company signs

Below are transactions for a company during Year 1.

On October 1, Year 1, the company lends $8,700 to another company. The other company signs a note indicating principal and 12% interest will be paid to the company on September 30, Year 2.
On November 1, Year 1, the company pays its landlord $4,050 representing rent for the months of November through January. The payment is debited to Prepaid Rent for the entire amount.
On August 1, Year 1, the company collects $12,840 in advance from another company that is renting a portion of the companys factory. The $12,840 represents one year's rent and the entire amount is credited to Deferred Revenue.
Depreciation on machinery is $5,200 for the year.
Salaries for the year earned by employees but not paid to them or recorded are $4,700.
The company begins the year with $1,350 in supplies. During the year, the company purchases $5,200 in supplies and debits that amount to Supplies. At year-end, supplies costing $3,200 remain on hand.

Required:

Record the necessary adjusting entries at December 31, Year 1, for the company for each of the situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)