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Destion Completion Status: QUESTION 26 The information necessary for preparing the 2021 year-end adjusting entries for Winter Storage appears below. Winter's fiscal year-end is December
Destion Completion Status: QUESTION 26 The information necessary for preparing the 2021 year-end adjusting entries for Winter Storage appears below. Winter's fiscal year-end is December 31. a. Depreciation on the equipment for the year is 57,000. b. Salaries earned by employees (but not paid to them) from December 16 through December 31, 2021, are $3,400. c. On March 1, 2021, Winter lends an employee $12.000 and a note is signed requiring principal and interest at 6 to be paid on February 28, 2022. d. On April 1, 2021, Winter pays an insurance company 515.000 for a one-year fire insurance policy. The entire 515,000 is debited to prepaid insurance at the time of the purchase. e. 51.500 of supplies are used in 2021. f. A customer pays Winter 54.200 on October 31, 2021. for six months of storage to begin November 1, 2021. Winter credits deferred revenue at the time of cash receipt. g. On December 1, 2021, 54,000 rent is paid to a local storage facility. The payment represents storage for December 2021 through March 2022, at $1.000 per month. Prepaid rent is debited at the time of the payment. Required: Record the necessary adjusting entries at December 31, 2021. Note - No prior adjustments have been made during 2021. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TTT Arial 3 (12pt) .T.E.E. LU preporuwur Tuy e, supplies 1.500 f. prepaid 1,400 I 1400 revenue Words:32 Path: P
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