Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $23,100. The company debited Prepaid Insurance for the entire amount 2. Employee salaries of $28,400 for the month of December will be paid in early January 3. On November 1, 2021, the company received $11,100 in cash from a customer requesting a custom design for six identical bikes ($1,850 each). Deferred Revenue was credited for the entire amount. By the end of the year, four of the bikes have been completed. 4. Supplies at the beginning of the year totaled $5,400. During 2021, additional supplies of $21,400 were purchased, and the entire amount was debited to Supplies Supplies remaining at the end of the year total $7,400. 5. Buzzard paid a local radio station $15,400 for four months of advertising on December 1, 2021. The advertising will appear evenly over the four-month period. The company debited Prepaid Advertising for the entire amount 6. Buzzard borrowed $41,100 on March 1, 2021. The principal is due to be collected in five years. Interest is receivable each March 1 at an annual rate of 10% Required: Record the necessary adjusting entries on December 31, 2021 (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) of Chap Saved Recora the necessary adjusung entries on December 31, 2021. (Do not rouna intermediate can particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet o ch RE 98 of Chap Saved ecora the necessary adjusung entries on December 31, 2021. (Do not rouna intermec articular transaction/event, select "No Journal Entry Required" in the first account f View transaction list Journal entry worksheet 98 cora the necessary adjusung entries on December 31, 2021. (Do not rouna interme rticular transaction/event, select "No Journal Entry Required" in the first account View transaction list Journal entry worksheet 98 ecora the necessary adjusting entries on December 31, 2021. (Do not rouna intermedia articular transaction/event, select "No Journal Entry Required" in the first account fiel View transaction list Journal entry worksheet 1 2 3 4 5 6 Supplies at the beginning of the year totaled $5,400. During 2021, additional supplies of $21,400 were purchased, and the entire amount was debited to Supplies. Supplies remaining at the end of the year total $7,400. Record the adjusting entry for supplies at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal th o RE 98 cora the necessary adjusung entries on vecember 31, 2021. (Do not rouna intermea rticular transaction/event, select "No Journal Entry Required" in the first account fi View transaction list Journal entry worksheet r 98 ora ine necessary adjusung entries on December 31, 2021. (Do not rouna intermea icular transaction/event, select "No Journal Entry Required" in the first account fi Wiew transaction list Journal entry worksheet ch o 98
