Excolibur Corporation selis video games for personal computers. The unadjusted trial balance as of Decernber 31,2024 ; appears below December 31 is the company's reporting year end. The company uses the perpetual imventory system Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the strasght-line method over a 8 -year useful life with no residual value. 2 Accrued salaries at yeariend should be $3,000 3. The company borrowed $20,000 on September 1,2024. The principal is due to be repaid in 8 years. Interest is payable fwice a year on each August 31 and February 28 of an annual rate of 12% 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $400. 5. Prepaid rent expired during the period is $15,000 Required: Prepare the necessary December 31.2024 , adjusting entries Note: If no entry is required for a transactionievent, select "No journal entry requifed" in the first account field, Do not round intermediate calculations. Journal entry worksheet 2345 The office equipment was purchased in 2022 and is being depreciated using the straight -line method over a eight-year useful life with no residual value. Prepare the necessary adjusting entry on December 31, 2024. Nuter ther detata before credit. Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,2024, appears below. December 31 is the company's teporting yeat-end The company uses the perpetual inventory system. Information necessary to prepare the year-end odjusting entries appears beiow 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over a 8 year useful life with no residual value. 2. Accrued salares at year-end should be $3,000. 3. The company borrowed $20,000 on September 1,2024 . The principal is due to be repaid in 8 years, Interest is payable twice a year on eoch August 31 and february 28 ot an annual rate of 12% 4. The compary debits supplies when supplies ore purchesed Supplies of hond at yoar-end cost $400 5 Prepaid rent expired during the period is $15,000 Required: Prepare the necessary December 31,2024, odjusting entres Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations
