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The FoodsWhole Company needs to prepare financial statements at the end of August 2018 for presentation to its bank. Prepare any necessary adjusting entries at
The FoodsWhole Company needs to prepare financial statements at the end of August 2018 for presentation to its bank. Prepare any necessary adjusting entries at August 31, 2018. (10 points) (1). On August 1, 2018, the company paid its landlord $4,000 representing rent for the months of August and September. Prepaid rent was debited at the time of rent payment. (2). Vacation pay for August that had been earned by employees but not paid to them or recorded on August 31, 2018 is $8,200. (3). A note payable is dated August 1, 2018. The note requires the entire $15,000 in principal plus interest at 10% to be paid on July 31, 2019. (4). A note receivable is dated August 16, 2018. The note requires the entire $30,000 in principal plus interest at 12% to be received in one year (the note was outstanding for half a month during August). In typing your answers, clearly label each question/journal entry. Note: Please clearly label debit, credit, account names and amounts, e.g., Dr. Acct Name 1 SXXX Cr. Acct Name 2 SXXX
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