LeapTrog Lawn service provides general lawn maintenance to customers. I ne company s Tiscal year-end is December 31. Informationnecessary to prepare the year-end adjusting entries appears below.1. On October 1, 2024, Leapfrog lent $85,000 to another company. A note was signed with principal and 8% Interest to be paid onSeptember 30, 2025.2. On November 1, 2024, the company paid its landlord $15,000 representing rent for the months of November through January.Prepaid Rent was debited for the entire amount.3. On August 1, 2024, Leapfrog collected $19,500 in advance rent from another company that is renting a portion of Leapfrog'sbuilding. The $19,500 represents one year's rent, and the entire amount was credited to Deferred Revenue.4. Depreciation for the year is $20,500.5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $10,500. The company recordsvacation pay as Salaries Expense.6. Leapfrog began the year with $22,000 In Its Supplies account. During the year $64,500 in supplies were purchased and debited tothe Supplies account. At year-end,supplies costing $24,500 remain on hand.Required:Prepare the necessary adjusting entries on December 31, 2024. (Do not round Intermediate calculations. If no entry is required for aparticular transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet<1 2 3 4 5On October 1, 2024, Leapfrog lent $85,000 to another company. A note wassigned with principal and 8% interest to be paid on September 30, 2025.Record the adjusting entry for interest at its year-end of December 31.Note: Enter debits before credits.DateDecember 31General JournalDebitCredit

An adjusting journal entry for any transaction over which an entry is required to be recorded so…

Required: Prepare the necessary adjusting entries on December 31, 2024. (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.) View transaction st

Required: Prepare the necessary adjusting entries on December 31, 2024. (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.) View transaction st

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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