P2 3 and P2 4 (Algo) Adjusting entries, Accounting cycle adjusting entries through post closing trial balance LO2 4, 2 6, 2 7, 2 8 Skip to question The following information applies to the questions displayed below Pastina Company sells various types of pasta to grocery chains as private label brands The company's reporting year end is December 31 The unadjusted trial balance as of December 31, 2024, appears below Account TitleDebitsCreditsCash$ 32,300Accounts receivable40,800Supplies1,900Inventory60,800Notes receivable20,800Interest receivable0Prepaid rent1,300Prepaid insurance6,800Office equipment83,200Accumulated depreciation$ 31,200Accounts payable31,800Salaries payable0Notes payable50,800Interest payable0Deferred sales revenue2,400Common stock65,600Retained earnings30,500Dividends4,800Sales revenue150,000Interest revenue0Cost of goods sold74,000Salaries expense19,300Rent expense11,400Depreciation expense0Interest expense0Supplies expense1,500Insurance expense0Advertising expense3,400Totals$ 362,300$ 362,300 Information necessary to prepare the year end adjusting entries appears below Depreciation on the office equipment for the year is $10,400 Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month Salaries earned from December 16 through December 31, 2024, were $950 On October 1, 2024, Pastina borrowed $50,800 from a local bank and signed a note The note requires interest to be paid annually on September 30 at 12 The principal is due in 10 years On March 1, 2024, the company lent a supplier $20,800, and a note was signed requiring principal and interest at 8 to be paid on February 28, 2025 On April 1, 2024, the company paid an insurance company $6,800 for a one year fire insurance policy The entire $6,800 was debited to prepaid insurance at the time of the payment $590 of supplies remained on hand on December 31, 2024 The company received $2,400 from a customer in December for 950 pounds of spaghetti to be delivered in January 2025 Pastina credited deferred sales revenue at the time cash was received On December 1, 2024, $1,300 rent was paid to the owner of the building The payment represented rent for December 2024 and January 2025 at $650 per month The entire amount was debited to prepaid rent at the time of the payment 1 Depreciation on the office equipment for the year is $10,400 Prepare the necessary adjusting entry on December 31, 2024 2 Salaries earned from December 16 through December 31, 2024 were $950 and will be paid on January 7, 2025 Prepare the necessary adjusting entry on December 31, 2024 3 On October 1, 2024, Pastina signed a $50,800 note that requires interest to paid annually on September 30 at 12 and will have principal due in 10 years Prepare the necessary adjusting entry on December 31, 2024 4 On March 1, 2024, the company lent $20,800 The note required principal and interest at 8 be paid on February 28, 2025 Prepare the necessary adjusting entry on December 31, 2024 5 On April 1, 2024, the company paid $6,800 for a one year fire insurance policy and debited the entire amount to prepaid insurance Prepare the necessary adjusting entry on December 31, 2024 6 Supplies on hand at December 31, 2024 were $590 Prepare the necessary adjusting entry on December 31, 2024 7 Pastina credited deferred sales revenue for $2,400 received in December for spaghetti to be delivered in January 2025 Prepare the necessary adjusting entry on December 31, 2024 8 On December 1, 2024, $1,300 rent was paid for December and January 2025, at $650 per month The entire amount was debited to prepaid rent Prepare the necessary adjusting entry on December 31, 2024

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P2-3 and P2-4 (Algo) Adjusting entries, Accounting cycle; adjusting entries through post-closing trial balance [LO2-4, 2-6, 2-7, 2-8] Skip to question [The following information applies

P2-3 and P2-4 (Algo) Adjusting entries, Accounting cycle; adjusting entries through post-closing trial balance [LO2-4, 2-6, 2-7, 2-8]

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[The following information applies to the questions displayed below.]

Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2024, appears below.

Account TitleDebitsCreditsCash$ 32,300Accounts receivable40,800Supplies1,900Inventory60,800Notes receivable20,800Interest receivable0Prepaid rent1,300Prepaid insurance6,800Office equipment83,200Accumulated depreciation$ 31,200Accounts payable31,800Salaries payable0Notes payable50,800Interest payable0Deferred sales revenue2,400Common stock65,600Retained earnings30,500Dividends4,800Sales revenue150,000Interest revenue0Cost of goods sold74,000Salaries expense19,300Rent expense11,400Depreciation expense0Interest expense0Supplies expense1,500Insurance expense0Advertising expense3,400Totals$ 362,300$ 362,300

Information necessary to prepare the year-end adjusting entries appears below.

Depreciation on the office equipment for the year is $10,400.
Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2024, were $950.
On October 1, 2024, Pastina borrowed $50,800 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
On March 1, 2024, the company lent a supplier $20,800, and a note was signed requiring principal and interest at 8% to be paid on February 28, 2025.
On April 1, 2024, the company paid an insurance company $6,800 for a one-year fire insurance policy. The entire $6,800 was debited to prepaid insurance at the time of the payment.
$590 of supplies remained on hand on December 31, 2024.
The company received $2,400 from a customer in December for 950 pounds of spaghetti to be delivered in January 2025. Pastina credited deferred sales revenue at the time cash was received.
On December 1, 2024, $1,300 rent was paid to the owner of the building. The payment represented rent for December 2024 and January 2025 at $650 per month. The entire amount was debited to prepaid rent at the time of the payment.

Depreciation on the office equipment for the year is $10,400. Prepare the necessary adjusting entry on December 31, 2024.

Salaries earned from December 16 through December 31, 2024 were $950 and will be paid on January 7, 2025. Prepare the necessary adjusting entry on December 31, 2024.

On October 1, 2024, Pastina signed a $50,800 note that requires interest to paid annually on September 30 at 12% and will have principal due in 10 years. Prepare the necessary adjusting entry on December 31, 2024.

On March 1, 2024, the company lent $20,800. The note required principal and interest at 8% be paid on February 28, 2025. Prepare the necessary adjusting entry on December 31, 2024.

On April 1, 2024, the company paid $6,800 for a one-year fire insurance policy and debited the entire amount to prepaid insurance. Prepare the necessary adjusting entry on December 31, 2024.

Supplies on hand at December 31, 2024 were $590. Prepare the necessary adjusting entry on December 31, 2024.

Pastina credited deferred sales revenue for $2,400 received in December for spaghetti to be delivered in January 2025. Prepare the necessary adjusting entry on December 31, 2024.

On December 1, 2024, $1,300 rent was paid for December and January 2025, at $650 per month. The entire amount was debited to prepaid rent. Prepare the necessary adjusting entry on December 31, 2024.