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Below are transactions for Hurricane Company during 2024. 1. On October 1, 2024, Hurricane lent $7,700 to another company. The other company signed a
Below are transactions for Hurricane Company during 2024. 1. On October 1, 2024, Hurricane lent $7,700 to another company. The other company signed a note indicating principal and 12% interest will be paid to Hurricane on September 30, 2025. 2. On November 1, 2024, Hurricane paid its landlord $2,550 representing rent for the months of November through January. The payment was debited to Prepaid Rent for the entire amount on November 1. 3. On August 1, 2024, Hurricane collected $11,640 in advance from another company that is renting a portion of Hurricane's factory. The $11,640 represents one year's rent and the entire amount was credited to Deferred Revenue. 4. Utilities owed at the end of the year are $4,200. 5. Salaries for the year earned by employees but not paid to them or recorded are $3,700. 6. Hurricane began the year with $850 in supplies. During the year, the company purchased $4,200 in supplies and debited that amount to Supplies. At year-end, supplies costing $2,200 remain on hand. Required: Record the necessary adjusting entries at December 31, 2024, for Hurricane 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 On October 1, 2024, Hurricane lent $7,700 to another company. The other company signed a note indicating principal and 12% interest will be paid to Hurricane on September 30, 2025. Record the adjusting entry for interest at its year-end of December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry
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