Precious inc. had the following separate situations occur during 2000. The constants preparing the annual hinancial statements at December 31, 2020 and has asked you to prepare the dating entries for each situation. You must show your calculations for full points. Please omit Journal entry descriptions The Supplies account had a beginning balance of $3000. During the month (December), an additional $2,000 of supplies were purchased. The ending balance in supplies was $250. B. On August 1, the company prepaid for annual rent in the amount of $120,000. The last adjusting entry was made Oct 31. C Employees will earn $140,000 for the five day week starting Monday, December 28, Thursday is the end of the year. Employees were paid through the previous Friday and will not be issued another paycheck until January 2, 2021 D. On August 1st, a customer made an advance payment for a first Friday bread party where employees are sent bread the first Friday of every month for the next year, starting September. They paid $6,000 for the next year. As of December 31, 2020, no adjusting entries have been recorded for this. E. The company took out a loan of $75,000 to purchase a machine on April 1. Interest on the lo per year. The last adjusting entry the company recorded was made on Sep 30. Record the end of adjusting entry related to the loan. The company took out a loan of $75,000 to purchase a machine on April 1. Depreciation on the a machine is $7,500 per year. The last adjusting entry the company recorded was made on Sep 30. Record the end of year adinsting entry was made Oct 31 Employees will earn $140.000 for the the day week starting Monday, December 21. Thursday of the year. Employees were paid through the previous Friday and will not be sure the paycheck until January 2, 2021. On August 1st, a customer made an advance payment for a first Friday bread party where employees are sent bread the first Friday of every month for the next year, starting September. They paid $6,000 tor the next year. As of December 31, 2020, no adjusting entries have been recorded for this. E The company took out a loan of $75,000 to purchase a machine on April 1. Interest on the loan is 8% per year. The last adjusting entry the company recorded was made on Sep 30. Record the end of year adjusting entry related to the loan. The company took out a loan of $75,000 to purchase a machine or April 1. Depreciation on the machine is $7,500 per year. The last adjusting entry the company recorded was made on Sep 30. Record the end of year adjusting entry. Requirement: Prepare the adjusting entries for each independent situation. Please use a table to record your entries. Edit Format Table
