Problem $3-4$B $($Algo$)$ Record adjusting entries $($LO$3-3)$

Cutters Lawn Service provides general lawn maintenance to customers. The company's fiscal year$-$end is December $31.$ Information necessary to prepare the year$-$end adjusting entries appears below.

On October $1,2024,$ Cutters lent $$120,000$ to another company. A note was signed with prith cipal and $8\%$ interest to be paid on September $30,2025.$

On November $1,2024,$ the company paid its landlord $$25,500$ representing rent for the months of November through January. Prepaid Rent was debited for the entire amount.

On August $1,2024,$ Cutters collected $$30,000$ in advance rent from another company that is renting a portion of Cutters's building. The $$30,000$ represents one year's rent, and the entire amount was credited to Deferred Revenue.

Depreciation for the year is $$24,000.$

Vacation pay for the year that had been earned by employees but not paid to them or recorded is $$14,000.$ The company records vacation pay as Salaries Expense.

Cutters began the year with $$29,000$ in its Supplies account. During the year $$68,000$ in supplies were purchased and debited to the Supplies account. At year$-$end,supplies costing $$28,000$ remain on hand.

Required:

Prepare the necessary adjusting entries on December $31,2024.($Do not round intermediate calculations. If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

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On Octoher $1.2024.$ Cutters lent $$120\mathrm{.}000$ to another comnanv. A note was