Prepare the necessary adjusting journal entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do n intermediate calculations. Journal entry worksheet 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 failed to record these adjusting entries. (Ignore income tax expense.) Note: Amounts to be deducted should be indicated by a minus sign Do not round intermediate calculations. Prepare the necessary adjusting journal entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not intermediate calculations. Journal entry worksheet 6 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. Prepare the necessary adjusting journal entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Do not roun intermediate calculations. Journal entry worksheet 2 At year-end, there is a $1,450 debit balance in the supplies (asset) account. Only $660 of supplies remain on hand. Prepare the necessary adjusting entry on December 31,2024. Note: Enter debits before credits. The information necessary for prepaning the December 31, 2024, year-end adjusting entries for Viro's Pizza Parlor appears below. a. On July 1, 2024, purchased $17,000 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 10% b. Vito's depreciable equipment has a cost of $6,400, a four-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 recerved $7,200 representing the first six months' rent and credited deferred rent revenue at the ume cash was received. d. On Apni 1, 2024, the company pald $1,920 for a two-year fire insurance policy and debited prepaid insurance at the time of the Dayment. e. On October 1, 2024, the company borrowed $16,000 from a local bank and signed a note. Principal and interest at 10% will be paid on September 30,2025. t. At year-end, there is a $1,450 debit balance in the supplies (asset) account. Only $660 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 falled to record these adjusting entries. (Ignore income tax expense) Prepare the necessary adjusting joumal entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account fieid, Do not roi intermediate calculations. Journal entry worksheet 6 On October 1,2024 , the company borrowed $16,000 from a local bank and signed a note. Principal and interest at 10% will be paid on September 30 , 2025. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Prepare the necessary adjusting journal entries on Decernber 31, 2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Do n intermediate calculations. Journal entry worksheet 6 On April 1, 2024, the company paid $1,920 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. Prepare the necessary adjusting journal entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do intermediate calculations. Journal entry worksheet On July 1,2024 , purchased $17,000 of 18M Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1 . The annual interest rate is 10%. Prepare the necessary adjusting entry on December 31 , 2024. Note: Enter debits before credits
