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i need answer asap Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue account,
i need answer asap
Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue account, 60% had been completed. (3) Accrued salaries at December 31 were $900. (4) On December 1 , the company prepaid $2,400 for 4 months of rent. This transaction was recorded with a debit to Rent Expense (5) The note is a 6-month, 4% loan obtained from the bank on November 1 . (Notes: 4\% is annualized interest rate) Required: a. Prepare all necessary adjusting entries as of December 31. (There are 5 of them, 15 points) b. Determine Net Income for the year ending December 31 . ( 5 points) Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue account, 60% had been completed. (3) Accrued salaries at December 31 were $900. (4) On December 1 , the company prepaid $2,400 for 4 months of rent. This transaction was recorded with a debit to Rent Expense (5) The note is a 6-month, 4% loan obtained from the bank on November 1 . (Notes: 4\% is annualized interest rate) Required: a. Prepare all necessary adjusting entries as of December 31. (There are 5 of them, 15 points) b. Determine Net Income for the year ending December 31 . ( 5 points)Step by Step Solution
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