Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what would the correct credit for #3 be listed as in the general journal column He 3 Grasshopper Lawn Service provides general lawn maintenance to

image text in transcribed
image text in transcribed
what would the correct credit for #3 be listed as in the general journal column
He 3 Grasshopper Lawn Service provides general lawn maintenance to customers. The company's fiscal year-end is December 31 Information necessary to prepare the year-end adjusting entries appears below. 48 points 1. On October 1, 2021, Grasshopper lent $145,000 to another company. A note was signed with principal and 8% Interest to be paid on 2. On November 1, 2021, the company paid its landlord $33,000 representing rent for the months of November through January 3. On August 1, 2021, Grasshopper collected $37,500 in advance rent from another company that is renting a portion of Grasshopper's building. The $37,500 represents one year's rent, and the entire amount was credited to Deferred Revenue. 4. Depreciation for the year is $26,500 5. Vocation pay for the year that had been earned by employees but not paid to them or recorded is $16,500. The company records 6. Grasshopper began the year with $34,000 in its Supplies account. During the year $70,500 in supplies were purchased and debited to the Supplies account. At year-end supplies costing $30,500 remain on hand. P Required: Prepare the necessary adjusting entries on December 31, 2021 (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.) h 3 Graded Assignment i Required: Prepare the necessary adjusting entries on December 31, 2021. (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.) 3 View transaction list 48 points Journal entry worksheet > 3 Print On August 1, 2021, Grasshopper collected $37,500 in advance rent from another company that is renting a portion of Grasshopper's building. The $37,500 represents one year's rent, and the entire amount was credited to Deferred Revenue Record the adjusting entry for deferred revenue at its year Note Enter debits before credits Credit Date General Journal December 31 Deferred Revenue Dobit 15.625 15.625 Record entry Clear my

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

From Fish Hook To Audit Tool An Autobiography

Authors: Aftab Alam Khan

1st Edition

1099497515, 978-1099497513

More Books

Students also viewed these Accounting questions