On April $1,2016,$ Schimmel Corp received $$74,400$ in advance from a customer for $12$ months' rent beginning on the same day $($April $1).$

Prepare the sdiusting entry required on December $31,2016.$

Account

Debra

Credit

No Journal Entry Required

PARTB

Schimmel Corp had $$14,500$ of supplies at the beginning of the year. During the year, Schimrpel Corp purchased $$29,600$ of new supplies. At the end of Deceinber, Schimmel Corp counted $$2,000$ of supplies remaining.

Prepare the adjusting entry required on December $31,2016.$

Account

Debit

Credit

No Journal Entry Required

PARTC

Schimamel Corp determines that depreciation on its machinery for $2016$ equals $$46,000.$ Prepare the adjusting entry required on December $31,2016.$

No Journal Entry Required