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For each of the following transactions, show journal entries during the year and make the end-of- year adjustments using journal entries. Fiscal year starts on
For each of the following transactions, show journal entries during the year and make the end-of- year adjustments using journal entries. Fiscal year starts on July 1, 2018 and ends on June 30, 2019. Assume zero opening balances. 1. Decrease in feed inventory of $2,000. $600 worth of feed used in business on Sept 19. 2. Loan of $10,000 with an interest rate of 10%. Loan term is 5 years, payments are made annually, and one payment made during year on Dec 10. 3. Blanket insurance policy with 12-month coverage. A lump sum payment of $800 made on November 1
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