Leapfrog Lawn Service provides general lawn maintenance to customers. The company's fiscal year-end is December 31....

 

 

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Leapfrog Lawn Service provides general lawn maintenance to customers. The company's fiscal year-end is December 31. Information necessary to prepare the year-end adjusting entries appears below. 1. On October 1, 2024, Leapfrog lent $160,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $37,500 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. 3. On August 1, 2024, Leapfrog collected $42,000 in advance rent from another company that is renting a portion of Leapfrog's building. The $42,000 represents one year's rent, and the entire amount was credited to Deferred Revenue. 4. Depreciation for the year is $28,000. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $18,000. The company records vacation pay as Salaries Expense. 6. Leapfrog began the year with $37,000 in its Supplies account. During the year $72,000 in supplies were purchased and debited to the Supplies account. At year-end,supplies costing $32,000 remain on hand. 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 list Journal entry worksheet 1 2 Date December 31 3 On October 1, 2024, Leapfrog lent $160,000 to another company. A note was signed 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. Record entry 4 5 6 General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet < 1 2 3 Date December 31 On November 1, 2024, the company paid its landlord $37,500 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. Record the adjusting entry for rent at its year-end of December 31. Note: Enter debits before credits. 4 5 6 Record entry General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet < 1 2 Date December 31 3 Record entry 4 On August 1, 2024, Leapfrog collected $42,000 in advance rent from another company that is renting a portion of Leapfrog's building. The $42,000 represents one year's rent, and the entire amount was credited to Deferred Revenue. Record the adjusting entry for deferred revenue at its year-end of Note: Enter debits before credits. 5 6 General Journal Clear entry Debit Credit View general journal > View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Depreciation for the year is $28,000. Record the adjusting entry for depreciation at its year-end of December 31. Date December 31 4 Record entry 5 6 General Journal Clear entry Debit Credit View general journal > View transaction list Journal entry worksheet < 1 2 3 Date December 31 4 Vacation pay for the year that had been earned by employees but not paid to them or recorded is $18,000. The company records vacation pay as Salaries Expense. Record the adjusting entry for vacation pay at its year-end of December 31. Note: Enter debits before credits. Record entry 5 6 General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet < 1 2 3 Leapfrog began the year with $37,000 in its Supplies account. During the year $72,000 in supplies were purchased and debited to the Supplies account. At year-end, supplies costing $32,000 remain on hand. Record the adjusting entry for supplies at its year-end of December 31. Note: Enter debits before credits. Date December 31 4 5 6 Record entry General Journal Clear entry Debit Credit View general journal Leapfrog Lawn Service provides general lawn maintenance to customers. The company's fiscal year-end is December 31. Information necessary to prepare the year-end adjusting entries appears below. 1. On October 1, 2024, Leapfrog lent $160,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $37,500 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. 3. On August 1, 2024, Leapfrog collected $42,000 in advance rent from another company that is renting a portion of Leapfrog's building. The $42,000 represents one year's rent, and the entire amount was credited to Deferred Revenue. 4. Depreciation for the year is $28,000. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $18,000. The company records vacation pay as Salaries Expense. 6. Leapfrog began the year with $37,000 in its Supplies account. During the year $72,000 in supplies were purchased and debited to the Supplies account. At year-end,supplies costing $32,000 remain on hand. 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 list Journal entry worksheet 1 2 Date December 31 3 On October 1, 2024, Leapfrog lent $160,000 to another company. A note was signed 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. Record entry 4 5 6 General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet < 1 2 3 Date December 31 On November 1, 2024, the company paid its landlord $37,500 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. Record the adjusting entry for rent at its year-end of December 31. Note: Enter debits before credits. 4 5 6 Record entry General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet < 1 2 Date December 31 3 Record entry 4 On August 1, 2024, Leapfrog collected $42,000 in advance rent from another company that is renting a portion of Leapfrog's building. The $42,000 represents one year's rent, and the entire amount was credited to Deferred Revenue. Record the adjusting entry for deferred revenue at its year-end of Note: Enter debits before credits. 5 6 General Journal Clear entry Debit Credit View general journal > View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Depreciation for the year is $28,000. Record the adjusting entry for depreciation at its year-end of December 31. Date December 31 4 Record entry 5 6 General Journal Clear entry Debit Credit View general journal > View transaction list Journal entry worksheet < 1 2 3 Date December 31 4 Vacation pay for the year that had been earned by employees but not paid to them or recorded is $18,000. The company records vacation pay as Salaries Expense. Record the adjusting entry for vacation pay at its year-end of December 31. Note: Enter debits before credits. Record entry 5 6 General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet < 1 2 3 Leapfrog began the year with $37,000 in its Supplies account. During the year $72,000 in supplies were purchased and debited to the Supplies account. At year-end, supplies costing $32,000 remain on hand. Record the adjusting entry for supplies at its year-end of December 31. Note: Enter debits before credits. Date December 31 4 5 6 Record entry General Journal Clear entry Debit Credit View general journal

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