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For Oriole Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31,2024 . 1.
For Oriole Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31,2024 . 1. The bankloan was taken out on January 1tf and has an interest rate of 8%. Interest is due January 1at of the following year. 2. The equipment was purchased on January 1st and has an estimated useful life of 10 years and a residual value of $8,800, The compary uses the straight-line depreciation method. 3. Wages in the amount of $1.320 were owed at year end. 4. Rent in the amount of $10,560 was due at year end but was not recorded or paid. 5. A physical count at year end revealed that only $1,320 of the supplies remained on hand. Oriole Company began operations on January 1, 2024. In its first year, the following transactions occurred: Prepare the necessary adjustine journal entries to record each of the above adjustments. (List oll debit entries before credit entries: Crodit account titles are automotically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accoumt titles and enter ofor the amounts.)
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