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E 2-11 Adjusting entries; alternative approach LO2-6 The Mazzanti Wholesale Food Company's fiscal year-end is June 30. Prepare the necessary year-end adjusting entries at
E 2-11 Adjusting entries; alternative approach LO2-6 The Mazzanti Wholesale Food Company's fiscal year-end is June 30. Prepare the necessary year-end adjusting entries at the end of June 30, 2024, for the following situations. 1. On December 1, 2023, the company paid its annual fire insurance premium of $6,000 for the year beginning December I and debited insurance expense at the time of payment. 2. On November 1, 2023, Mazzanti purchased an advertising campaign to occur evenly over the next year. The company paid $9,600 and debited advertising expense at the time of payment. 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2024, Mazzanti collected $24,000 representing rent for the 2024 calendar year and credited rent revenue at the time cash was received. 4. On February 17, 2024, Mazzanti purchased $7,200 of office supplies and debited supplies expense. By June 30, 2024, only $4,100 of the supplies have been used. 5. Mazzanti provides delivery services to its customers and offers special pricing to those customers who pay for these services in advance. Suppose Mazzanti receives $3,000 from a customer on April 22, 2024, for future delivery services and credits delivery revenue at that time. By June 30, 2024, Mazzanti has provided delivery services of $1,800 to this customer.
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