For the information below, prepare in the space provided any adjusting journal entry necessary to bring the accounts up to date as of December 31, 2020, the fiscal year-end of Brady, Inc. If no entry is required, write clearly "NO ENTRY". On December 28,2020 , Jamaica Inc. received an order for merchandise with a retail value of $38,000. The order was delivered on December 30,2020 , to the customer who would pay on January 7,2021 . The cost of the merchandise to Jamaica Inc. is 16,000. No recording was made regarding the order. Jamaica Inc. makes and records tax payments monthly. The $31,000 tax expense is the amount made by the end of November 2020. As part of year-end procedure, the company estimates its preliminary income tax expense for the year will be $38,000. Jamaica Inc. has until March 15, 2021, to pay the balance. accounts op ro dation below, prepare in the space provided any adjusting journal entry necessary to brinz the clearly "NO EN date as or December 31,2020 , the fiscal year-end of Brady, Ine, If no ontry is required, wtis The Note Payable arose from renewing a bank loan on December 1,2019 . The note will be repaid on June 1, 2022. Jamaica Inc. pays annual interest of 4.5% on the note. Interest is payable on June 1 and December 1 each year. Jamaica Inc. had made and recorded interest payments since the renewal. A one-year property insurance policy that was renewed and paid on November 1 . 2020. The entire payment was debited to Insurance Expense. No entry to the account has been made since the renewal of the insurance policy. The $15,560 in Prepaid Insurance remained the same since January 1, 2020. For the information below, prepare in the space provided any adjusting journal entry necessary to bring the accounts up to date as of December 31, 2020, the fiscal year-end of Brady, Inc. If no entry is required, write clearly "NO ENTRY". On December 28,2020 , Jamaica Inc. received an order for merchandise with a retail value of $38,000. The order was delivered on December 30,2020 , to the customer who would pay on January 7,2021 . The cost of the merchandise to Jamaica Inc. is 16,000. No recording was made regarding the order. Jamaica Inc. makes and records tax payments monthly. The $31,000 tax expense is the amount made by the end of November 2020. As part of year-end procedure, the company estimates its preliminary income tax expense for the year will be $38,000. Jamaica Inc. has until March 15, 2021, to pay the balance. accounts op ro dation below, prepare in the space provided any adjusting journal entry necessary to brinz the clearly "NO EN date as or December 31,2020 , the fiscal year-end of Brady, Ine, If no ontry is required, wtis The Note Payable arose from renewing a bank loan on December 1,2019 . The note will be repaid on June 1, 2022. Jamaica Inc. pays annual interest of 4.5% on the note. Interest is payable on June 1 and December 1 each year. Jamaica Inc. had made and recorded interest payments since the renewal. A one-year property insurance policy that was renewed and paid on November 1 . 2020. The entire payment was debited to Insurance Expense. No entry to the account has been made since the renewal of the insurance policy. The $15,560 in Prepaid Insurance remained the same since January 1, 2020
