Chapter 2 Extra Credit Below is the trial balance for the Buster Company as of 12/31/24 Accounts receivable Allownace for Doubtful Accounts Note receivable Prepaid reat Land Equipment a b. C d Cash C C 8 Accumulated Depreciation Accounts payable Bond payable Common Stock Retained earnings Service revenue Intrance expense Interest expense Salaries expense DEBIT $795,000 120,000 90,000 210,000 362,000 720,000 50.000 13.000 462,000 2.821.000 CREDIT Instructions: Prepare adjusting journal entries (ON JOURNAL PAPER SKIP A LINH BETWEEN ENTRIES) at year end, December 31, 2024 based on the following supplemental information. No adjusting journal entries have been made throughout the year. No adjusting Journal entries have been made since 12/31/23 $15.000 160,000 .190,000 1.200,000 10,000 581.000 625.000 2.821.000 The equipment has a useful life of 12 years with no salvage value. (Straight-line method being used.) Interest accrued on the bonds payable is $30,000 as of 12/31/24. Expired insurance at 12/31/24 is $10,000. The rent payment of $210,000 covered the seven months from October 31, 2024 through May 31, 2025. Salaries and wages earned but unpaid at 12/31/24, $37,000. From an aging of accounts receivable it is estimated that $30,000 of the 12/31/24 balance will be uncollectible. Buster loaned $90,000 to another company on 12/1/24 and received a 3 month, 8% interest-bearing note with a face value of $90,000. Record interest revenue earned.

prepare the entry as of 12/31/2024