1. The company paid $18,000 for a one year lease that commenced on 9/1/20.
2. The company received $25,000 in advance for services to be rendered in the future. As of 12/31/20 the company had earned $15,000.
3. The company paid $9,000 for a 1 year fire policy with an effective date of April 1, 2020.
4. During the year the company purchased $1,400 in supplies of which $400 remain on hand @ 12/31/20.
5. Buildings has a $70,000 salvage value and a 20 year life.
6. Equipment has a $30,000 salvage value and a 10 year life.
7. The company received a $40,000, 6%, 6 month note from a customer on 11/1/20. 1.) Record the adjusting entry for 12/31/20. 2.) Record the receipt of payment 4/30/21 with and without reversing entries.
8. The company received $24,000 from a tenant for a 1 year lease with a commencement date of 5/1/20.
9. The company has 2 employees that earn $5000 each per week. The employees work a 5 day work week and are paid every Friday for work performed through Friday. 12/31/20 is a Monday. 1.) Record the adjusting entry for 12/31/20. 2.) Record the payment of wages 1/4/21 with and without reversing entries.
10. 7% of accounts receivable are expected to be uncollectible as of 12/31/20.
11. During 2020, the company paid $12,000 for a one year advertising campaign that commenced on

Required 

Record adjusting entries as of 12/31/2020

Answer rating: 100% (QA)

Adjusting entries No Account Titles Debit Credit 1 Rent Expense 6... View the full answer