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Cricket Lawn Service provides general lawn maintenance to customers. The companys fiscal year-end is December 31. Information necessary to prepare the year-end adjusting entries appears
Cricket Lawn Service provides general lawn maintenance to customers. The companys fiscal year-end is December 31. Information necessary to prepare the year-end adjusting entries appears below. On October 1, 2024, Cricket lent $95,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025. On November 1, 2024, the company paid its landlord $18,000 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. On August 1, 2024, Cricket collected $22,500 in advance rent from another company that is renting a portion of Crickets building. The $22,500 represents one years rent, and the entire amount was credited to Deferred
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