Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following situations. 1. On December 1, 2023, the company paid its
The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following situations. 1. On December 1, 2023, the company paid its annual fire insurance premium of $7,800 for the year beginning December 1 and debited insurance expense at the time of payment. 2. On November 1, 2023, Mazzanti purchased an advertising campaign to occur evenly over the next year. The company paid $15,600 and debited advertising expense at the time of payment. 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2024, Mazzanti collected $31,500 representing rent for the 2024 calendar year and credited rent revenue at the time cash was received. 4. On February 17, 2024, Mazzanti purchased $9,200 of office supplies and debited supplies expense. By June 30, 2024, only $5,000 of the supplies have been used. 5. Mazzanti provides delivery services to its customers and offers special pricing to those customers who pay for these services in advance. Suppose Mazzanti receives $5,000 from a customer on April 22, 2024, for future delivery services and credits delivery revenue at that time. By June 30, 2024, Mazzanti has provided delivery services of $3,000 to this customer. Required: Prepare the necessary year-end adjusting entries at the end of June 30, 2024, for the above situations. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started