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Preparing Adjusting Journal Entries The following transactions and events for Stellar Corp. are being reviewed for possible adjusting entries at December 3 1 ( the
Preparing Adjusting Journal Entries
The following transactions and events for Stellar Corp. are being reviewed for possible adjusting entries at December the end of its accounting period
Adjusting Journal Entries Part One
Adjusting Journal Entries Part Two
On September the company loaned $ cash to another company. The loan was at per year and was due in six months; interest is payable at maturity. Cash was credited for $ and Note
Receivable was debited on September for $
On January Shipping Supplies amounted to $ During the year, shipping supplies that cost $ were purchased and debited to Shipping Supplies. At the end of the year, a physical inventory count
revealed that shipping supplies still available were $
At the end of the year, property taxes for the year of $ were assessed on property owned by the company. The taxes are due no later than February next year. The taxes have not been recorded the
books because payment has not yet been made.
The company borrowed $ cash from the bank on December A day note payable was signed at interest payable on maturity date. On December Cash was debited and Note Payable credited
for $
On July the company paid the city a $ license fee for the next months. On that date, Cash was credited and License Expense debited for $
The company owns three SUVs used by its executives. A sixmonth maintenance contract on them was signed on October whereby a local garage agreed to do "all the required maintenance." Payment was
made for the following six months in advance; specifically, on October Cash was credited and Repair Expense was debited for $
Prepare the adjusting entry or entries that are necessary, if any, on Decer for each item through
Note: If a journal entry isn't required for the transaction, select NA as the account names and leave the Dr and Cr answers blank zero
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