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 $34,000 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 $34,000 to another company. A note was signed with principal and interest at 7% payable on March 31, 2022. 2. On September 30, 2021, the company paid its landlord $17,200 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 $2,480. Additional supplies costing $5,780 were purchased during 2021 and debited to the supplies account. At the end of 2021 , supplies costing $3,780 remain on hand. 4. Vacation pay of $7,440 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.) Journal entry worksheet On March 31, 2021, the company lent $34,000 to another company. A note was signed with principal and interest at 7% payable on March 31, 2022. Note: Enter debits before credits

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

Auditing

Authors: Thomas D. Hubbard, J. R. Johnson, Steve Johnson, Joel D. Hubbard

6th Edition

0873932609, 9780873932608

More Books

Students also viewed these Accounting questions