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Grasshopper Lawn Service provides general lawn maintenance to customers. The company's fiscal year-end Is December 31 Information necessary to prepare the year-end adjusting entries appears

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Grasshopper Lawn Service provides general lawn maintenance to customers. The company's fiscal year-end Is December 31 Information necessary to prepare the year-end adjusting entries appears below. 1. On October 1, 2021, Grasshopper lent $120,000 to another company. A note was accepted with principal and 8% Interest to be received on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $25,500 representing rent for the months of November through January Prepaid Rent was debited for the entire amount. 3. On August 1, 2021. Grasshopper collected $30,000 in advance rent from another company that is renting a portion of Grasshopper's building. The $30,000 represents one year's rent, and the entire amount was credited to Deferred Revenue. 4. Depreciation for the year is $24,000 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $14,000. The company records vacation pay as Salaries Expense. 6. Grasshopper began the year with $29,000 in its Supplies account. During the year $68,000 in supplies were purchased and debited to the Supplies account. At year-end, supplies costing $28,000 remain on hand. Required: Prepare the necessary adjusting entries on December 31, 2021. (Do not round Intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lit Journal entry worksheet 1 2 5 6 On October 1, 2021, Grasshopper lent $120,000 to another company. A note Required: Prepare the necessary adjusting entries on December 31, 2021. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 On October 1, 2021, Grasshopper lent $120,000 to another company. A note was accepted with principal and 8% interest to be received on September 30, 2022. Record the adjusting entry for interest at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal Required: Prepare the necessary adjusting entries on December 31, 2021. (Do not round intermed particular transaction/event, select "No Journal Entry Required" in the first account fie View transaction list X: 1 On October 1, 2021, Grasshopper lent $120,000 to another company. A note was accepted with principal and 8% interest to be received on September 30, 2022. Record the adjusting entry for interest at its year-end of December 31. A note nber 30, aber 31. 2 On November 1, 2021, the company paid its landlord $25,500 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. Record the adjusting entry for rent at its year- end of December 31. Credit 3 On August 1, 2021, Grasshopper collected $30,000 in advance rent from another company that is renting a portion of Grasshopper's building. The $30,000 represents one vear's rent, and the entire amount was Note : = journal entry has been entered Record entry Clear entry View general journal View transaction list *** X: credited to Deferred Revenue. Record the adjusting entry for deferred revenue at its year-end of December 31. 4 Depreciation for the year is $24,000. Record the adjusting entry for depreciation at its year-end of December 31. A note hber 30, aber 31. 5 Vacation pay for the year that had been earned by employees but not paid to them or recorded is $14,000. The company records vacation pay as Salaries Expense. Record the adjusting entry for vacation pay at its year- end of December 31. Credit 6 Grasshopper began the year with $29,000 in its Supplies account. During the year $68,000 in suppres were purchased and debited to the Supplies account. At year- Note : = journal entry has been entered Record entry Clear entry View general View transaction list X: 4 Depreciation for the year is $24,000. Record the adjusting entry for depreciation at its year-end of December 31. A note hber 30, aber 31. 5 Vacation pay for the year that had been earned by employees but not paid to them or recorded is $14,000. The company records vacation pay as Salaries Expense. Record the adjusting entry for vacation pay at its year- end of December 31. Credit 6 Grasshopper began the year with $29,000 in its Supplies account. During the year $68,000 in supplies were purchased and debited to the Supplies account. At year- end, supplies costing $28,000 remain on hand. Record the adjusting entry for supplies at its year-end of December 31. Note : = journal entry has been entered Record entry Clear entry View general

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