Post the required entries in the general journal. n. Pool Corporation borrowed $30,000 from a local bank on May 1, 2020, signing a note with a 6 percent interest rate. The note and interest are due on May 1, 2021.o. On December 31, 2020, Pool Corporation cleaned and winterized a customer's pool for $1,200, but the service was not yet recorded on December 31.p. On August 1, 2020, Pool Corporation purchased a two-year insurance policy for $4,200, with coverage beginning on that date. The amount was recorded as prepaid insurance when paid.q. On December 31, 2020, Pool Corporation had $3,100 of pool cleaning supplies on hand. During 2020, Pool Corporation purchased supplies costing $23,000 from ABC Corporation, had $2,400 of supplies on hand on December 31, 2019.r. Pool Corporation estimated that depreciation on its buildings and equipment was $8,300 for the year.s. At December 31, 2020, $1,500 of interest on investments was earned that will be received in 2021.t. Rent for December due to be paid in January 2020 of $2,000.u. Sold $50,000 of goods and received the amount on the same day.v. Record the expired insurance purchased (trans. f) for the month of December.w. Sale of worth $20,000 made to Penny's Pool Service & Supply Inc. on Credit.x. The company paid $500 cash towards Utilities.y. Property tax paid $10,000 during the year.z. Received partial payment from Penny's Pool Service & Supply Inc amounting to $10,000 for the purchase made this year. (tras."w")a1. Pool Corporation purchased equipment worth $5,000 on credit basis.b2. Pool Corporation received the remaining balanceamount due towards the recent sale made to Penny's Pool Service & Supply Inc. (trans "w")c3. Paid for the equipment purchased. (tran. A1)d4. Supplies purchased in Cash amounting $550 at the end of December 2020.e5. Property tax due and payable worth $13,000.

Pool Corporation is the world's largest wholesale distributor of swimming pool supplies and equipment & services. 10 It sells these products to swimming pool repair and service businesses like Penny's Pool Service & Supply points Inc., swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses like Penny's. Its trial balance for the last year ended December 31, 2019 is eBook presented below: References Account Titles Debit Credit Cash and cash equivalents $1 , 382, 650 Account Receivables 110,555 Supplies 25 , 400 Product inventories 500, 000 Prepaid Insurance 78 , 000 Equipments 110 , 994 Other non-current assets, net 30, 386 Accumulated Depreciation $ 16, 650 Accounts payable 114 , 740 Wages payable 50, 800 Property tax payable 94 , 719 Long term notes payable 34, 000 Capital 1, 172, 550 Retained earnings, January 1 754 , 526 $2, 237, 985 $2, 237,985 Mc Graw Hill Education