Question
Fielders is a storage company and had the following transactions for September. They prepare their financial statements monthly (i.e. they do adjusting entries at the
Fielders is a storage company and had the following transactions for September. They prepare their financial statements monthly (i.e. they do adjusting entries at the end of each month). Prepare the journal entries for the following transactions and adjusting entries (September only).
A. Fielders provided storage to a customer for the entire month of August. However, the customer is late in their payment. On September 19, Fielders received a $450 cash payment for the August rental period. Record this transaction.
Adjusting entries:
B. On August 29, Fielders paid their yearly (12 month) property tax of $3,600 to the government for the 12-month period beginning September 1. Prepare the adjusting entry at September 30 to account for this property tax.
C. Fielders purchased a moving truck in June by signing a 5-year, 3% note payable. The truck was purchased for $100,000. The principal will be repaid at the end of the 5 years. Interest accumulated during the year will be paid every 12 months (i.e. every June). Prepare the adjusting entry for September (30th).
D. Fielders paid a $5,000 deposit in August 10 for advertising commercials that were aired on radio throughout the full month of September, finishing September 30. On September 30, Fielders paid the $15,000 they owed for the commercials (the remaining amount). Record the journal entry for September 30.
Copy the below General Journal, and paste the table in your answer/response box. Then fill in the journal as we have in class periods. Use proper general journal form.
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