Question
Flora Corp has a November 30 company yearend. The adjusting entries are prepared monthly and have not yet been prepared on November30, 2021. Additional year
Flora Corp has a November 30 company yearend. The adjusting entries are prepared monthly and have not yet been prepared on November30, 2021. Additional year end information is as follows:1. Flora negotiated a 6%, $10,000 six-month loan on Sept1, interest is due on maturity.2.A$2,000 cash deposit collected on November1was recorded as revenue, $750 has been earned.3.Four months rent, totaling$60,000, was paid on November 1and recorded as rentexpense.4.Equipment purchased December 1, 2019for $18,000hasanestimated useful life of4 years.5.The balance in the Supplies account was$690at the beginning of the year. By year end, only $100 in supplies remained. Instructions Prepare adjusting entries for the following transactions. Omit explanations.(15 marks
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