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The following information relates to Joseph Anderson, Property Manager, at the close of the fiscal year ending December 31: 1. Joseph paid a storage locker
The following information relates to Joseph Anderson, Property Manager, at the close of the fiscal year ending December 31:
1. | Joseph paid a storage locker facility $ 335 for next January's rent on a locker and charged it to Rent Expense. | |
2. | On November 1, Joseph signed a three-month, 11% note to borrow $ 16,200 from Yorkville Bank. | |
3. | The following salaries and wages are due and unpaid at December 31: sales, $ 1,415; office clerks, $ 1,055. | |
4. | Interest of $ 490 has accrued to date on a note that Joseph holds from Grant Muldaur. | |
5. | The estimated loss on bad debts for the period is $ 1,660. | |
6. | Stamps and stationery are charged to the Office Expense account when purchased; $ 135 of these supplies remain on hand. | |
7. | Joseph has not yet paid the December rent of $ 1,220 on the building his business uses. | |
8. | Insurance was paid on November 1 for one year and charged to Prepaid Insurance, $ 960. | |
9. | Property tax accrued, $ 1,760. | |
10. | On December 1, Joseph accepted Alana Zipursky's two-month, 15% note in settlement of her $ 4,800 account receivable. | |
11. | On October 31, Joseph received $ 2,520 from Tareq Giza in payment of six months' rent for Giza's office space in the building and credited Unearned Rent Revenue. | |
12. | On September 1, Joseph paid six months' rent in advance on a warehouse, $ 7,995, and debited the asset account Prepaid Rent. | |
13. | The bill from Light & Power Limited for December has been received but not yet entered or paid, $ 600. (Use Utilities Payable.) | |
14. | The estimated depreciation on equipment is $ 1,280. |
Prepare annual adjusting entries as at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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