P$2-3$ Adjusting entries $$ LO$2-6$

Pastina Company" sells various types of pasta to erocery chains as private label brands. The company"s reportine year$-$end is December

The unadjusted erial balance as of December $31.2024.$ appears below

Account Title

Debits

Credits

Accumulated depreciation

Account

Pastina Company sells variolls types of pasta to grocery chains as private label brands. The company's reportine year$-$end is December

The unadjusted trial balance as of December $31,2024,$ appears below.s payable

$ $30,000$

Salaries payable

$31,000$

Notes payable

$0$

Interest payable

$50,000$

Deferred sales revenue

Common stock

$0$

Retained earnings

$2,000$

Dividends

$60,000$

Sales revenue

$28\mathrm{.}500$

Interest revenue

$146,000$

Cost of goods sold

Salaries expense

Rent expense

$4,000$

Inrormzation necessary to prepare the yearend adjustine eneries appears below:

Depreciation on the office equipment for the sear is $$10\mathrm{.}000$

Emplogee saiaries are paid twice a month. On the $22$ nd for salaries earned from the $15$ throught the $15$ sth $.$ and on the $7$ th of the

followine month for salaries earned from the $1621$ through the end of the month Salaries earned from Decomber $16$ througheh

December $31.2024,$ were $$1\mathrm{.}500$

On October $1,2024.$ Paszina borrowed $$50\mathrm{.}000$ from a local bank and siened a note. The nore requires intereat to be pald aninually on

Seprember $30$ at $12\%$ The principal is due in $10$ years

$4$ On March $1.2024,$ the company lent a supplier $$20\mathrm{.}000.$ and a note was signed requirine principal and interesi at $8\%$ to be paid on

February $28,2025$

On April $1.2024.$ the company paid an insurance company $$6\mathrm{.}000$ for a one$-$year fire insurance policy. The entire $$6\mathrm{.}000$ was debired

to prepaid insuraisce at the time of the payment

SSOO of supplies remained on hand on December $31\mathrm{.}2024$

The compans recejved $$2,000$ from a customer in December for $1\mathrm{.}500$ pounds of spagheri to be delivesed in January $2025.$ Pastina

credited deferred sales revenue ar the time cash was received

S$.$ On December $1,2024,$$$2,000$ rent was paid to the owner of the building. The payment represented rent for December $2024$ and

January $2025$ at $$1\mathrm{.}000$ per monzh. The entire amount was debited to prepaid rent at the rime of the paryment

Required:

Prepare the necessary December $31,2024,$ adjusting journal entries.

P$2-3$ Adjusting entries longleftrightarrow LO$2-6$

Pastina Company" sells various types of pasta to erocery chains as private label brands. The company"s reportine year$-$end is December

The unadjusted erial balance as of December $31,2024,$ appears below.

Account Title

Accumulated depreciation

Accounts payable

$ $30,000$

Salaries payable

$31,000$

Notes payable

$0$

Interest payable

$50,000$

Deferred sales revenue

Common stock

$0$

Retained earnings

$2,000$

Dividends

$60,000$

Dividends $,4,000$

Sales rewenue

$28,500$

Interest revenue

$146,000$

Cost of goods sold

Salaries expense

Rent expense

Depreciation expense

Interest expense

Supplies expense

$70,000$

$18,900$

$11,000$

Insurance expense

Advertising expense

Totals