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 $5,100 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 $12,900 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 $22,500 representing rent for the 2024 calendar year and credited rent revenue at the time cash was received. 4. On February 17,2024 , Mazzanti purchased $8,300 of office supplies and debited supplies expense. By June 30, 2024, only $4,000 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 recelves $4,100 from a customer on April 22, 2024, for future dellivery services and credits delivery revenue at that time. By June 30,2024 , Mazzanti has provided delivery services of $2,600 to this customer. Required: Prepare the necessary year-end adjusting entries at the end of June 30,2024 , for the above situations. Note: H no entry is required for a transactionievent, select "No journal entry required" in the first account field. Presented below is income statement information of the Schefter Corporation for the year ended December 31,2024. Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31,2024 , you discovet net income in 2024 is $36,000 but no adjusting entries have been prepared. To prepare adjusting entries, you discover the following items: a. An insurance policy covering three years was purchased on January 1, 2024, for $5,100. The entire amount was dobited to insurance expense. b. During 2024, the company received a $750cash advance from a customer for services to be provided in 2025 . The $750 was credited to sales revenue. c. All purchases of supplies were debited immediately to supplies expense. However, you discover that supplies costing $760 were on hand on December 31 . d. Hales borrowed $21,000 from a local bank on October 1, 2024. Principal and interest at 12% will be paid on September 30,2025 . No accrual was recorded for interest. Required: Determine the proper amount of net income for 2024. Note: Amounts to be deducted should be indicated by a minus sign. The employees of Xitrex, Incorporated, are paid each Friday. The company's fiscal year-end is June 30 , which falls on a Wednesday for the current yeat. Salaries are eamed evenly throughout the five-day work week, and $29,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30 , a reversing entry on July 1 , and an entry to record the payment of salaries on July 2. 2. Prepare journal entries to record the accrued salaries as of June 30 and the payment of salaries on July 2 assuming a reversing entry is not recorded. Complete this question by entering your answers in the tabs below. Prepare an adjusting entry to record the accrued salaries as of lune 30 , a reversing entry en July 1 , and an entry to record the payment of salaries on July? Note: If no entry is required for a transactien/event, select "No joumal entry required" in the first account field