Exercise 12.4 (Algo) Preparing adjustments for accrued and prepaid expense items. LO 12-2 a. On December...

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Exercise 12.4 (Algo) Preparing adjustments for accrued and prepaid expense items. LO 12-2 a. On December 31, 20X1, the Notes Payable account at Wang Manufacturing Company had a balance of $13,500. This balance represented a three-month, 10 percent note issued on November 1. b. On January 2, 20X1, Tsang Computer Consultants purchased flash drives, paper, and other supplies for $6,260 in cash. On December 31, 20X1, an inventory of supplies showed that items costing $1,620 were on hand. The Supplies account has a balance of $6,260 c. On September 1, 20X1, North Dakota Manufacturing paid a premium of $13,560 in cash for a one-year insurance policy. On December 31, 20X1, the Prepaid Insurance account has a balance of $13,560. d. On June 1, 20X1, Headcase Beauty Salon signed a one-year advertising contract with a local radio station and issued a check for $12,840 to pay the total amount owed. On December 31, 20X1, the Prepaid Advertising account has a balance of $12,840. For each of the above independent situations, prepare the adjusting entries that must be made on December 31, 20X1, worksheet assuming no previous adjusting entries have been made during the year. Note: Round your answers to 2 decimal places. ht ences Journal entry worksheet 1 2 3 4 Record an adjusting entry for interest. Note: Enter debits before credits. Date December 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal > Exercise 12.4 (Algo) Preparing adjustments for accrued and prepaid expense items. LO 12-2 a. On December 31, 20X1, the Notes Payable account at Wang Manufacturing Company had a balance of $13,500. This balance represented a three-month, 10 percent note issued on November 1. b. On January 2, 20X1, Tsang Computer Consultants purchased flash drives, paper, and other supplies for $6,260 in cash. On December 31, 20X1, an inventory of supplies showed that items costing $1,620 were on hand. The Supplies account has a balance of $6,260 c. On September 1, 20X1, North Dakota Manufacturing paid a premium of $13,560 in cash for a one-year insurance policy. On December 31, 20X1, the Prepaid Insurance account has a balance of $13,560. d. On June 1, 20X1, Headcase Beauty Salon signed a one-year advertising contract with a local radio station and issued a check for $12,840 to pay the total amount owed. On December 31, 20X1, the Prepaid Advertising account has a balance of $12,840. For each of the above independent situations, prepare the adjusting entries that must be made on December 31, 20X1, worksheet assuming no previous adjusting entries have been made during the year. Note: Round your answers to 2 decimal places. ht ences Journal entry worksheet 1 2 3 4 Record an adjusting entry for interest. Note: Enter debits before credits. Date December 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal >