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Information necessary to prepare the year-end adjusting entries: I Depreciation on the equipment for the year is $500. m. Employee salaries are paid once a month, on the 3rd of the following month. Salaries earned during December were $400. n. On October 1, 2021, Whitlow borrowed $10,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 4 years. o. On March 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy. p. $200 of supplies remained on hand at December 31, 2021. q. On December 1, 2021, $1,000 rent was paid to the owner of the building. The payment represented rent for December and January 2022, at $500 per month.

Information necessary to prepare the year-end adjusting entries: I Depreciation on the equipment for the year is $500. m. Employee salaries are paid once a month, on the 3rd of the following month. Salaries earned during December were $400. n. On October 1, 2021, Whitlow borrowed $10,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 4 years. o. On March 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy. p. $200 of supplies remained on hand at December 31, 2021. q. On December 1, 2021, $1,000 rent was paid to the owner of the building. The payment represented rent for December and January 2022, at $500 per month.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I only need the adjusting entries for L-Q

Information necessary to prepare the year-end adjusting entries: 1. Depreciation on the equipment for the year is $500. m. Employee salaries are paid once a month, on the 3rd of the following month. Salaries earned during December were $400. n. On October 1, 2021, Whitlow borrowed $10,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 4 years. o. On March 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy. p. $200 of supplies remained on hand at December 31, 2021. On December 1, 2021, $1,000 rent was paid to the owner of the building, The payment represented rent for December and January 2022, at $500 per month,
Transcribed Image Text:Information necessary to prepare the year-end adjusting entries: 1. Depreciation on the equipment for the year is $500. m. Employee salaries are paid once a month, on the 3rd of the following month. Salaries earned during December were $400. n. On October 1, 2021, Whitlow borrowed $10,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 4 years. o. On March 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy. p. $200 of supplies remained on hand at December 31, 2021. On December 1, 2021, $1,000 rent was paid to the owner of the building, The payment represented rent for December and January 2022, at $500 per month,
The general ledger of the Whitlow Manufacturing Corporation at January 1, 2021, contained the following account balances: Account Title Cash Debits 10,000 15,000 Credits Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock 11,000 20,000 6,000 3,000 9,000 28,500 9,500 Retained Earnings The following is a summary of the transactions for the year: Sold merchandise for cash, $8,500. The cost of the merchandise was $4,800. The company uses a. the perpetual inventory system. b. Purchased equipment on account for $5,500 from the Strong Company. C. Received a $1s0 bill from the local newspaper for an advertisement that appeared in the paper during January. d. Purchased merchandise on account for $9,500. Purchased supplies of $600 in cash. Collected on accounts receivable, $10,000. Issued shares of common stock in exchange for $10,000 in cash. h Paid salaries, $12,500, Paid miscellaneous expenses, $2,000 Paid 55.000 of the bil to Strong Company. Paid $1.400 in ash dividends to shareholders 1.
Transcribed Image Text:The general ledger of the Whitlow Manufacturing Corporation at January 1, 2021, contained the following account balances: Account Title Cash Debits 10,000 15,000 Credits Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock 11,000 20,000 6,000 3,000 9,000 28,500 9,500 Retained Earnings The following is a summary of the transactions for the year: Sold merchandise for cash, $8,500. The cost of the merchandise was $4,800. The company uses a. the perpetual inventory system. b. Purchased equipment on account for $5,500 from the Strong Company. C. Received a $1s0 bill from the local newspaper for an advertisement that appeared in the paper during January. d. Purchased merchandise on account for $9,500. Purchased supplies of $600 in cash. Collected on accounts receivable, $10,000. Issued shares of common stock in exchange for $10,000 in cash. h Paid salaries, $12,500, Paid miscellaneous expenses, $2,000 Paid 55.000 of the bil to Strong Company. Paid $1.400 in ash dividends to shareholders 1.
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