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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
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 $65,000 to andother company. A note was signed with principal and 8 % interest to be paid on September 30, 2022 2. On November 1, 2021, the company paid its landlord $9,000 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. 3. On August 1, 2021, Grasshopper collected $13,500 in advance rent from another company that is renting a portion of Grasshopper's building. The $13,500 represents one year's rent, and the entire amount was credited to Deferred Revenue. 4. Depreciation for the year is $18,500. 5. Salaries for the year that had been earned by employees but not paid to them or recorded is $8,500 6. Grasshopper began the year with $18,000 in its Supplies account. During the year $62,500 in supplies were purchased and debited to the Supplies account. At year-end,supplies costing $22,500 remain on hand. es Required: Prepare the necessary adjusting entries on December 31, 2021. (Do not round intermediate calculations. If no particular transaction/event, select "No Journal Entry Required" in the first account fleld.) entry is required for a View transaction list Journal entry worksheet
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