Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted accountbalances:Estimated warranty liabilityIncome tax expenseMortgage payable, 5%View transaction listAdditional information:a. $11,800 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the followingmonth. The actual amount of tax expense for the year is determined to be $136,040.b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount ofwhich will approximate $150,000 given similar cases in the industry.c. During December, Mackenzie had sales of $720,000. 5% of sales typically require warranty work equal to 25% of the sales amount.d. Mortgage payments are made on the first day of each month.e. $112,500 of the Unearned Revenues remain unearned at December 31, 2023.f. The 120-day note payable was dated November 15, 2023.No1$ 6,560129,800474,000Required:1. Prepare any required adjusting entries at December 31, 2023, for each of the above. (Use 365 days a year. Do not roundintermediate calculations and round the final answers to 2 decimal places.)DateDec 31View journal entry worksheetL120-day note payable, 4%Unearned revenuesWarranty expenseIncome tax expense$ 90,000306,0007,400General JournalDebitCredit**********HelpSave & Exit

Name: Mackenzie Corp. is preparing the December 31, 2023, year-end financia
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Description: Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted accountbalances:Estimated warranty liabilityIncome tax expenseMortgage payable, 5%View transaction listAdditional information:a. $11

Accounting entries known as "adjusting entries" are made to update account balances and guarantee…

Answered: Required: 1. Prepare any required…

Business

Accounting

Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above. ound the final onswers to 2 decimal places.)

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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