GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. GameStop Corp. had the below transactions: 1. On October 1, 2024, GameStop Corp. lent $91,000 to another company (Burro Inc). A note was signed with principal and 8% interest to be paid on September 30, 2025. 2. On November 1, 2024, GameStop Corp. paid its landlord $9,600 representing the rent for the months of November through January. The prepaid rent was debited at the time the payment was made. 3. On August 1, 2024, GameStop Corp. collected $15,600 in advance rent from another company that is renting a portion of GameStop Corp.'s factory. The $15,600 represents 1 year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment for GameStop Corp. is $5,700 for the year. 5. Vacation pay for the year that had been earned by GameStop Corp.'s employees but not paid to them or recorded is $9,200. GameStop Corp. records vacation pay as salaries expense. 6. GameStop Corp. began the year with $3,200 in its asset account, supplies. During the year, $7,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,850 remained on hand. Required: Please carefully prepare the needed adjusting entries at December 31, 2024 for each of the above events for GameStop Corp.. Also, assume that no financial statements were prepared during the year and no adjusting entries were recorded for GameStop Corp. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. GameStop Corp. had the below transactions: 1. On October 1, 2024, GameStop Corp. lent $91,000 to another company (Burro Inc). A note was signed with principal and 8% interest to be paid on September 30, 2025. 2. On November 1, 2024, GameStop Corp. paid its landlord $9,600 representing the rent for the months of November through January. The prepaid rent was debited at the time the payment was made. 3. On August 1, 2024, GameStop Corp. collected $15,600 in advance rent from another company that is renting a portion of GameStop Corp.'s factory. The $15,600 represents 1 year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment for GameStop Corp. is $5,700 for the year. 5. Vacation pay for the year that had been earned by GameStop Corp.'s employees but not paid to them or recorded is $9,200. GameStop Corp. records vacation pay as salaries expense. 6. GameStop Corp. began the year with $3,200 in its asset account, supplies. During the year, $7,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,850 remained on hand. Required: Please carefully prepare the needed adjusting entries at December 31, 2024 for each of the above events for GameStop Corp.. Also, assume that no financial statements were prepared during the year and no adjusting entries were recorded for GameStop Corp. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. GameStop Corp. had the below
transactions:
1. On October 1, 2024, GameStop Corp. lent $91,000 to another company (Burro Inc). A note was signed with principal and 8% interest
to be paid on September 30, 2025.
2. On November 1, 2024, GameStop Corp. paid its landlord $9,600 representing the rent for the months of November through
January. The prepaid rent was debited at the time the payment was made.
3. On August 1, 2024, GameStop Corp. collected $15,600 in advance rent from another company that is renting a portion of GameStop
Corp.'s factory. The $15,600 represents 1 year's rent and the entire amount was credited to deferred rent revenue at the time cash
was received.
4. Depreciation on office equipment for GameStop Corp. is $5,700 for the year.
5. Vacation pay for the year that had been earned by GameStop Corp.'s employees but not paid to them or recorded is $9,200.
GameStop Corp. records vacation pay as salaries expense.
6. GameStop Corp. began the year with $3,200 in its asset account, supplies. During the year, $7,700 in supplies were purchased and
debited to supplies. At year-end, supplies costing $3,850 remained on hand.
View transaction list
Required:
Please carefully prepare the needed adjusting entries at December 31, 2024 for each of the above events for GameStop Corp.. Also,
assume that no financial statements were prepared during the year and no adjusting entries were recorded for GameStop Corp.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
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1
2
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Transaction
Note: Enter debits before credits.
Saved
5
On October 1, 2024, Microchip lent $91,000 to another company. A note was
signed with principal and 8% interest to be paid on September 30, 2025.
Prepare the necessary adjusting entry on December 31, 2024.
6
General Journal
Debit
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