Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company lent $35,000 to another company. A note was signed

image text in transcribed

Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company lent $35,000 to another company. A note was signed with principal and interest at 4% payable on March 31, 2022 2. On September 30, 2021, the company paid its landlord $20,000 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 $1,310. Additional supplies costing $2.910 were purchased during 2021 and debited to the supplies account. At the end of 2021, supplies costing $510 remain on hand. 4. Vacation pay of $3,930 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

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

Trap Doors And Trojan Horses An Auditing Action Adventure

Authors: D. Larry Crumbley, David Kerr, Veronica Paz, Lawrence Smith

1st Edition

1531021573, 978-1531021573

More Books

Students also viewed these Accounting questions

Question

Why are malicious insiders a focus of security experts?

Answered: 1 week ago

Question

=+6. What five driving forces make CSR more relevant today?

Answered: 1 week ago