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Prepare the December 31, 2018 adjusting entries for the Mansfield Company for the following transactions: On September 30, 2018, the Mansfield Company issued a $50,000

Prepare the December 31, 2018 adjusting entries for the Mansfield Company for the following transactions:

  • On September 30, 2018, the Mansfield Company issued a $50,000 note to the James Company. The note was signed with principal and interest at 6% payable on September 30, 2019.
  • On October 1, 2018, Mansfield paid its landlord one years rent in advance of $15,000.
  • Employees are paid on the 22nd of the month for salaries earned from the 1st through 15th of the month. Salaries earned from the 16th through the end of the month are paid on the 7th of the following month. Salaries earned from the December 16th 31st are $25,000.

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