please answer all parts of this question
Journal entry worksheet On October 1,2024 , the company borrowed $24,000 from a local bank and signed a note. Principal and interest at 11% will be paid on September 30 , 2025. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Journal entry worksheet Vito's depreciable equipment has a cost of $38,400, a six-year life, and no salvage value. The equipment was purchased in 2022. The straight-line depreciation method is used. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Journal entry worksheet On November 1,2024 , the bar area was leased to Jack Donaldson for one year. Vito's received $7,200 representing the first six months' rent and credited deferred rent revenue. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Determine the amount by which net income would be misstated if Vito's falled to record these adjusting ent income tax expense.) Note: Amounts to be deducted should be indicated by a minus sign. Do not round intermediate calculations. Journal entry worksheet On April 1, 2024, the company paid $2,880 for a two-year fire and liability insurance policy and debited prepaid insurance. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. The information necessary for preparing the December 31, 2024, year-end adjusting entries for Vito's Pizza Parlor appears below. a. On July 1, 2024, purchased $12,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1 . The annual interest rate is 11%. b. Vito's depreciable equipment has a cost of $38,400, a six-year life, and no salvage value. The equipment was purchased in 2022. The straight-line depreciation method is used. c. On November 1, 2024, the bar area was leased to Jack Donaldson for one year. Vito's received $7,200 representing the first six months' rent and credited deferred rent revenue at the time cash was received. d. On April 1, 2024, the company paid $2,880 for a two-year fire insurance policy and debited prepaid insurance at the time of the payment. e. On October 1,2024 , the company borrowed $24,000 from a local bank and signed a note. Principal and interest at 11% will be paid on September 30,2025. f. At year-end, there is a $2,000 debit balance in the supplies (asset) account. Only $740 of supplies remain on hand. Required: 1. Prepare the necessary adjusting journal entries on December 31,2024. 2. Determine the amount by which net income would be misstated if Vito's failed to record these adjusting entries. (Ignore income tax expense.) Answer is not complete. Complete this question by entering your answers in the tabs below. Journal entry worksheet At year-end, there is a $2,000 debit balance in the supplies (asset) account. Only $740 of supplies remain on hand. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Journal entry worksheet On July 1,2024 , purchased $12,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1 . The annual interest rate is 11%. Prepare the necessary adjusting entry on December 31 , 2024. Note: Enter debits before credits
