Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Additional information: o. $12700 of income tax was accrued monthly from January through to November inclusive and paid on the isth day of the following month. The actual amount of tax expense for the year is determined to be $145,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $159,000 given similar cases in the industry c. During December, Mackenzie had sales of $729,000.4% of sales typically require warranty work equal to 25% of the sales amount. d. Mortgage payments are made on the first day of each month e. $113,400 of the Uneamed Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15,2023 Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above. (Use 365 days a year, Do not round intermediote colculations and round the finol answers to 2 decimal ploces.) Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) Journal entry worksheet 2. Determine the adjusted amounts for total liabilities and profit assuming these were $959,000 and $639,000, respectively, prior to preparing the adjustments in (a) to (f) above. (Round intermediote colculotions and the final onswers to 2 decimal ploces.) Anolysis Component: What is the effect on the income statement and balance sheet if the above entries are not recorded? (Enter all value as positive volues. Round intermediote calculotions ond the final onswers to 2 decimal ploces.) Mackenzie Corp. is preparing the December 31, 2023. year-end financial statements. Following are selected unadjusted account balances: Additional information 0. $12700 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $145,040 b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $159.000 given similar cases in the industry. c. During December, Mackenzie had sales of $729,000.4% of sales typically require warranty work equal to 25% of the sates amount. d. Mortgage payments are made on the first day of each month e. $113.400 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15,2023 Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above. (Use 365 days o year. Do not round intermediote colculations and round the finol answers to 2 decimal places.) Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above. (Use 365 days a yeor. Do not round intermediote colculations and round the final answers to 2 decimal places.) Journal entry worksheet 2. Determine the adjusted amounts for total liabilities and profit assuming these were $959,000 and $639,000, respectively, prior to preparing the adjustments in (a) to (f) above. (Round intermediate colculations and the final onswers to 2 decimal ploces.) Anolysis Component: What is the effect on the income statement and balance sheet if the above entries are not recorded? (Enter all value as positive volues. Round intermediote calculotions ond the final onswers to 2 decimal places.)
