Hentzel Landscaping commenced its business on January 1, 20X1 During its first year of operations, Hentzel purchased supplies in the amount of $12,000 (debited to Supplies inventory), and of this amount, $3,000 were unused as of December 31, 20X1 On March 1, 20X1, Hentzel received $18,000 for landscaping services to be rendered for 18 months (beginning July 1, 20X1) This amount was credited to a liability called Deferred landscaping revenue The companys gasoline bill for $2,500 for the month of December 20X1 was not received until January 15, 20X2 No entry was made The company borrowed $50,000 from HomeTown Financing on April 1, 20X1, at a 5 interest rate per annum It credited a liability for notes payable The principal, along with all the interest, is due on April 1, 20X2 On January 1, 20X1, the company purchased 10 lawnmowers at $3,000 each It debited fixed assets The lawnmowers are expected to last for three years with no salvage value On December 31, 20X1, Hentzel did not record any adjusting entries with respect to these transactions Required Prepare all adjusting entries necessary to prepare financial statements for 20X1 in accordance with U S GAAP Ignore income taxes (If no entry is required for a transaction event, select No journal entry required in the first account field )

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Hentzel Landscaping commenced its business on January 1, 20X1. During its first year of operations, Hentzel purchased supplies in the amount of $12,000 (debited to

Hentzel Landscaping commenced its business on January 1, 20X1.

During its first year of operations, Hentzel purchased supplies in the amount of $12,000 (debited to Supplies inventory), and of this amount, $3,000 were unused as of December 31, 20X1.
On March 1, 20X1, Hentzel received $18,000 for landscaping services to be rendered for 18 months (beginning July 1, 20X1). This amount was credited to a liability called Deferred landscaping revenue.
The companys gasoline bill for $2,500 for the month of December 20X1 was not received until January 15, 20X2. No entry was made.
The company borrowed $50,000 from HomeTown Financing on April 1, 20X1, at a 5% interest rate per annum. It credited a liability for notes payable. The principal, along with all the interest, is due on April 1, 20X2.
On January 1, 20X1, the company purchased 10 lawnmowers at $3,000 each. It debited fixed assets. The lawnmowers are expected to last for three years with no salvage value.

On December 31, 20X1, Hentzel did not record any adjusting entries with respect to these transactions.

Required:

Prepare all adjusting entries necessary to prepare financial statements for 20X1 in accordance with U.S. GAAP. Ignore income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)