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The following transactions occurred for the Falwell Company 1. A three-year fire insurance policy was purchased on July 1, 2021, for $14.400. The company
The following transactions occurred for the Falwell Company 1. A three-year fire insurance policy was purchased on July 1, 2021, for $14.400. The company debited insurance expense for the entive amount 2. Depreciation on equipment totaled $13.750 for the year 3. Employee salaries of $20,000 for the month of December will be paid in early January 2022 4. On November 1, 2021, the company bonowed $260.000 from a bank. The note requires principal and interest at 12% to be paid on Apr 30, 2022 5. On December 1, 2021, the company received $7800 in cash from another company that is renting office space in Falwell's building The payment, representing rent for December January and February was credited to deferred rent revenue 6. On December 1, 2021 the company received $7800 in cash Som another company that is renting office space in Fate's building The payment, representing rent for December January and February was oedited to rent revenue sather than deferred re revenue for $7.800 on December 1, 2021 Prepare the necessary austing entries at December 31, 2021 for each of the above situations Assume that no financial statements were prepared during the year and no adjusting entes were recorded of ne antry is required for a transaction event, select "Ne journal entry required in the first account field)
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