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The information presented below is for Lornas bubble tea shop. Interest is payable for September 2017 through December 2017 on a 9%, 320,000 loan and
The information presented below is for Lornas bubble tea shop.
- Interest is payable for September 2017 through December 2017 on a 9%, 320,000 loan and has not been recorded.
- Rent of $93,500 was credited to an unearned revenue account when received. Of this amount, $42,250 is still unearned at year-end.
- Interest revenue of $9,450 from a $105,000 bank deposit has been earned but not collected or recorded.
- The expired portion of an insurance policy is $4,960. Prepaid insurance was original debited.
- Rent of $30,000 was paid for six months in advance on November 15, 2017.
- Salaries for the period December 26, 2017 to December 31, 2017, amounted to $15,300 and have not been recorded or paid.
Required:
Prepare the adjusting entries that should be made on December 31, 2017.
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