Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665933e3e139e_019665933e351a08.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665933e483622_020665933e428a8c.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665933e50c7c2_020665933e4b602c.jpg)
Transcribed Image Text:
Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company lent $50,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2022. 2. On September 30, 2021, the company paid its landlord $12,000 representing rent for the period September 30, 2021, to September 30, 2022. Johnstone debited prepaid rent. 3. Supplies on hand at the end of 2020 totaled $3,000. Additional supplies costing $5,000 were purchased during 2021 and debited to the supplies account. At the end of 2021, supplies costing $4,200 remain on hand. 4. Vacation pay of $6,000 for the year that had been earned by employees was not paid or recorded. The company records vacation pay as salaries expense. Prepare the necessary adjusting entries for Johnstone Controls at the end of its December 31, 2021, fiscal year-end for each of 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 1 2 3 4 On March 31, 2021, the company lent $50,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2022. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company lent $50,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2022. 2. On September 30, 2021, the company paid its landlord $12,000 representing rent for the period September 30, 2021, to September 30, 2022. Johnstone debited prepaid rent. 3. Supplies on hand at the end of 2020 totaled $3,000. Additional supplies costing $5,000 were purchased during 2021 and debited to the supplies account. At the end of 2021, supplies costing $4,200 remain on hand. 4. Vacation pay of $6,000 for the year that had been earned by employees was not paid or recorded. The company records vacation pay as salaries expense. Prepare the necessary adjusting entries for Johnstone Controls at the end of its December 31, 2021, fiscal year-end for each of 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 1 2 3 4 On March 31, 2021, the company lent $50,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2022. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Classify fixed asset costs as either capital expenditures or revenue expenditures. AppendixLO1
-
Develop an exponential smoothing forecast (a = 0.3) for February 2012 through January 2013. Assume that your forecast for January 2012 was 100. Calculate the MFE, MAD, and MAPE values for February...
-
Mauro Products distributes a single product, a woven basket whose selling price is $24 per unit and whose variable expense is $19 per unit. The company's monthly fixed expense is $12,500. Required:...
-
Refer to the description of Century National Bank at the end of the Review of Chapters 14 on page 128. With many other options available, customers no longer let their money sit in a checking...
-
Diagnostic tests of medical conditions can have several types of results. The test result can be positive or negative, whether or not a patient has the condition. A positive test (+) indicates that...
-
Evaluate as limit of sums Jr- 3+1dx 1
-
1. 3. Example: Evaluate the following definite integrals as limit of sums: e'dx fedx 2. Je dx 4.
-
Evaluate the following definite integrals as limit of sums: 1. 2 2. 5*x
-
Evaluate the following definite integrals as limit of sums: 1. sin sinxdx 2. 0 /4 cos.xdx 3. sin x dx 2/6
-
Evaluate the following integrals: (i) (ii) dx (x+1)(x+2) dx x(x+1)
-
Coca Cola's mission statement is " to refresh the world in mind, body, and spirit, to inspire moments of optimism and happiness through our brands and actions, and to create value and make a...
-
What tips for leading and facilitating teams could the nurse leader in this case study use to best coach and mentor nursing staff members?
-
Using definitions of implementation and dissemination, consider a project you have been working on and outline specific implementation and dissemination strategies. How are they different? Where...
-
Return to your project from the first question. What theories, models, and/or frameworks would be useful in your project implementation? Describe the specific components of the theory, model, and/or...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App