The information necessary for preparing the 2024 year end adjusting entries for Winter Storage appears below Winter's fiscal year end is December 31 On October 1, 2024, Winter Storage lent $125,000 to another company A note was signed with principal and 8 interest to be paid on September 30, 2025 On November 1, 2024, the company paid its landlord $27,000 representing rent for the months of November through January Prepaid Rent was debited for the entire amount On August 1, 2024, Winter Storage collected $31,500 in advance rent from another company that is renting a portion of Winter Storages building The $31,500 represents one years rent, and the entire amount was credited to Deferred Revenue Depreciation for the year is $24,500 Vacation pay for the year that had been earned by employees but not paid to them or recorded is $14,500 The company records vacation pay as Salaries Expense Winter Storage began the year with $30,000 in its Supplies account During the year $68,500 in supplies were purchased and debited to the Supplies account At year end,supplies costing $28,500 remain on hand Required Prepare the necessary adjusting entries on December 31, 2024 (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 )

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Posted on May 31, 2024

The information necessary for preparing the 2024 year-end adjusting entries for Winter Storage appears below. Winter's fiscal year-end is December 31. On October 1, 2024,

The information necessary for preparing the 2024 year-end adjusting entries for Winter Storage appears below. Winter's fiscal year-end is December 31.

On October 1, 2024, Winter Storage lent $125,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025.
On November 1, 2024, the company paid its landlord $27,000 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount.
On August 1, 2024, Winter Storage collected $31,500 in advance rent from another company that is renting a portion of Winter Storages building. The $31,500 represents one years rent, and the entire amount was credited to Deferred Revenue.
Depreciation for the year is $24,500.
Vacation pay for the year that had been earned by employees but not paid to them or recorded is $14,500. The company records vacation pay as Salaries Expense.
Winter Storage began the year with $30,000 in its Supplies account. During the year $68,500 in supplies were purchased and debited to the Supplies account. At year-end,supplies costing $28,500 remain on hand.

Required: Prepare the necessary adjusting entries on December 31, 2024. (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.)