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The following transactions ucurred for the Falwell Company. I. A three-year Ire insurance policy was purchased cri Juty I. 2021. for $15,840. The company
The following transactions ucurred for the Falwell Company. I. A three-year Ire insurance policy was purchased cri Juty I. 2021. for $15,840. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled S14.7SO for the year. 3. Emp'cyee salaries of $22,000 far the month of December will be paid in early January 2022 4. On November I. 2021, the company bar-owed 5300.000 from a bank The note requires principal and interest at 12%to be paid on Agri' 30. 2022 S. On December I. 2021. the company received 59.000 in cash from another company that is renting office space in Falwell's building. T fle payment. representing rent for December. January, and February was credited to deferred rent revenue S. On December I. 2021. company received 59.000 in cash from another company that is renting office space in Falwell's building. payment. representing rent for December. January, and February was credited to rent revenue rather than deferred rent revenue for $9,000 on December I. 2021. Prepare the necessary adjusting entries at December 31. 2021 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry Is requlred for a select "No Journal entry requlred" In the flrst account field.)
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