The unadjusted trial balance of the Manufacturing Equltable at December $31,2024,$ the end of its fiscal year, Included the following

account balances. Manufacturing's $2024$ financlal statements were Issued on Aprll $1,2025.$

Other Information:

a$.$ The bank notes, Issued August $1,2024,$ are due on July $31,2025,$ and pay Interest at a rate of $12\%,$ payable at maturity.

b$.$ The mortgage note is due on March $1,2025.$ Interest at $11\%$ has been pald up to December $31($assume $11\%$ is a realistic rate$).$

Manufacturing Intended at December $31,2024,$ to refinance the note on its due date wlth a new $10-$year mortgage note. In fact,

on March $1,$ Manufacturing pald $$260,000$ in cash on the principal balance and refinanced the remaining $$970,000.$

c$.$ Included in the accounts recelvable balance at December $31,2024,$ were two subsidlary accounts that had been overpald and

had credit balances totaling $$21,650.$ The accounts were of two major customers who were expected to order more

merchandise from Manufacturing and apply the overpayments to those future purchases.

d$.$ On November $1,2024,$ Manufacturing rented a portion of Its factory to a tenant for $$37,200$ per year, payable in advance. The

payment for the $12$ months ended October $31,2025,$ was recelved as required and was credited to deferred revenue.

Requlred:

Prepare any necessary adjusting Journal entrles at December $31,2024,$ pertaInIng to each Item of other Information $($a$-$d$).$

Prepare the current and long$-$term Ilability sections of the December $31,2024,$ balance sheet.

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Prepare any necessary adjusting journal entries at December $31,2024,$ pertaining to each item of other information $($a$-$d$).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.