The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following situations. 1. On December 1, 2023, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and debited insurance expense at the time of payment. 2. On November 1, 2023, Mazzanti purchased an advertising campaign to occur evenly over the next year. The company paid $9,600 and debited advertising expense at the time of payment. 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2024, Mazzanti collected $24,000 representing rent for the 2024 calendar year and credited rent revenue at the time cash was received. 4. On February 17, 2024, Mazzanti purchased $7.200 of office supplies and debited supplies expense. By June 30, 2024, only $4,100 of the supplies have been used. 5. Mazzanti provides delivery services to its customers and offers special pricing to those customers who pay for these services in advance. Suppose Mazzanti receives $3,000 from a customer on April 22, 2024, for future delivery services and credits delivery revenue at that time. By June 30, 2024, Mazzanti has provided delivery services of $1,800 to this customer. Required: Prepare the necessary year-end adjusting entries at the end of June 30, 2024, for the above situations. count field
The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following situations. 1. On December 1, 2023, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and debited insurance expense at the time of payment. 2. On November 1, 2023, Mazzanti purchased an advertising campaign to occur evenly over the next year. The company paid $9,600 and debited advertising expense at the time of payment. 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2024, Mazzanti collected $24,000 representing rent for the 2024 calendar year and credited rent revenue at the time cash was received. 4. On February 17, 2024, Mazzanti purchased $7.200 of office supplies and debited supplies expense. By June 30, 2024, only $4,100 of the supplies have been used. 5. Mazzanti provides delivery services to its customers and offers special pricing to those customers who pay for these services in advance. Suppose Mazzanti receives $3,000 from a customer on April 22, 2024, for future delivery services and credits delivery revenue at that time. By June 30, 2024, Mazzanti has provided delivery services of $1,800 to this customer. Required: Prepare the necessary year-end adjusting entries at the end of June 30, 2024, for the above situations. count field
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Answer is complete but not entirely correct.
General Journal
Insurance expense
Prepaid insurance
Interest expense
Interest payable
Deferred rent revenue
Rent revenue
Supplies expense
Supplies
Deferred delivery revenue
Delivery revenue
* *
* * * *
x
X
xx
Debit
1,500
1,600 X
6,000
3,100
1,200
Credit
1,500
1,600 X
6,000 X
3,100
1,200
Transcribed Image Text:The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following situations.
1. On December 1, 2023, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and
debited insurance expense at the time of payment.
2. On November 1, 2023, Mazzanti purchased an advertising campaign to occur evenly over the next year. The company paid $9,600
and debited advertising expense at the time of payment.
3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2024, Mazzanti collected $24,000 representing rent for
the 2024 calendar year and credited rent revenue at the time cash was received.
4. On February 17, 2024, Mazzanti purchased $7,200 of office supplies and debited supplies expense. By June 30, 2024, only $4,100
of the supplies have been used.
5. Mazzanti provides delivery services to its customers and offers special pricing to those customers who pay for these services in
advance. Suppose Mazzanti receives $3,000 from a customer on April 22, 2024, for future delivery services and credits delivery
revenue at that time. By June 30, 2024, Mazzanti has provided delivery services of $1,800 to this customer.
Required:
Prepare the necessary year-end adjusting entries at the end of June 30, 2024, for the above situations.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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