Problem 3-3 Record adjusting entries (L03-3) The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31 1 ook Print Depreciation on the equipment for the year is $6,800 2 Salaries earned (but not paid) from December 16 through December 31, 2021, are $3,800. 3. On March 1, 2021, Bearcat lends an employee $19,000. The employee signs a note requiring principal and interest at 9% to be paid on February 28, 2022 4. On April 1, 2021. Bearcat pays an insurance company $12,960 for a two-year fire insurance policy. The entire $12,960 is debited to Prepaid Insurance at the time of the purchase. 5. Bearcat uses $1,600 of supplies in 2021 6. A customer pays Bearcat $2,640 on October 31, 2021, for three months of personal training to begin November 1, 2021. Bearcat credits Deferred Revenue at the time of cash receipt. 7. On December 1, 2021, Bearcat pays $8,700 rent to the owner of the building. The payment represents rent for December 2021 through February 2022, at $1,900 per month. Prepaid Rent is debited at the time the payment. eferences Required: Record the necessary adjusting entries at December 31, 2021. No prior adjustments have been made during 2021. (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.) View transaction ist Viww journal entry workshoot No Date General Journal 1 December 31 Depreciation Expenso Accumulated Depreciation Debil Credit 6,800 6,800 2 December 31 3,800 Salaries Expense Salaries Payable 3,800 Proy 1 of 9 HE Next > 1 7. On December 1, 2021, Bearcat pays $5,700 rent to the owner of the building. The payment represents rent for December 2011 through February 2022, at $1,900 per month. Prepaid Rent is debited at the time of the payment. Required: Record the necessary adjusting entries at December 31, 2021. No prior adjustments have been made during 2021. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the fir account field.) Answer is not complete. Debit Credit Na Date December 31 6,800 1 General Journal Depreciation Expense Accumulated Depreciation 6,800 3,800 2 December 31 Salaries Expense Salaries Payable 3.800 3 December 31 Interest Receivable interest Revenue 4 December 31 Insurance Expense Prepaid Insurance 5 1,600 December 31 Supplies Expense Supplies sls 1,600 6 December 31 880 Deferred Revenue Service Revenue 880 7 December 31 1.900 Rent Expense Prepaid Rent 1,900
