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The following are selected amounts from Matador Company's trial balance of 12/31/2020: (All of the accounts have their standard (normal) debit or credit balance.) Account
The following are selected amounts from Matador Company's trial balance of 12/31/2020: (All of the accounts have their standard (normal) debit or credit balance.) Account Balance Accounts Payable $160,000.00 Accounts Receivable $150,000.00 Accumulated Depreciation-Equipment $200,000.00 Allowance for Doubtful Accounts $20,000.00 Bonds Payable $500,000.00 Cash $150,000.00 Common Stock $60,000.00 Equipment $870,000.00 Prepaid Insurance $30,000.00 Interest Expense $10,000.00 Inventory $300,000.00 Notes Payable (due 3/31/21) $200,000.00 Rent Expense $240,000.00 Retained Earnings $818,000.00 Prepare adjusting journal entries at year end, December 31, 2020, based on the following supplemental information. Good journal entry form is required. Be sure to label (a.), b), c), etc.) each entry clearly. a.) The company determined at year-end they had provided $15,000 of services that had yet to be billed. b.) The Notes Payable was issued on April 1, 2020, bearing interest at 6% (annual rate), due March 31, 2021. c.) On October 1, 2020, the company paid $30,000 for 12 months of insurance. d.) In October, the company paid $240,000 of rent that covered six months from November 1, 2020 through April 30, 2021. e.) Employees are paid every other Friday. Salaries and wages earned but were unpaid at December 31, 2020 were $22,000 f.) A year-end Inventory count found that there was $185,000 of Inventory on-hand at December 31, 2020
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