Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

im stuck on this question. im confused. someone please help me. The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly

im stuck on this question. im confused. someone please help me.
image text in transcribed
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $6,800 for the year beginning December 1 and debited prepaid insurance. 2. On August 31, 2020, the company borrowed $107,500 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021. 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $25,600 representing rent for the 2021 calendar year and credited deferred rent revenue. 4. Depreciation on the office building is $18,600 for the fiscal year. 5. Employee salaries for the month of June 2021 $19,000 will be paid on July 20, 2021 Prepare the necessary year-end adjusting entries at the end of June 30, 2021, for the above situations. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 23 4 5 On August 31, 2020, the company borrowed $107,500 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Benefit Analysis Theory And Application

Authors: Tevfik F. Nas

1st Edition

080397132X, 978-0803971325

More Books

Students also viewed these Accounting questions

Question

Describe the expected benefits of the project.

Answered: 1 week ago