Question: Need help with this: Journalize the selected transactions from 2022 with explanations. 1-Feb Paid annual rent starting February 1st totalling $12,000. 30-Apr Borrowed $20,000 cash
Need help with this:
Journalize the selected transactions from 2022 with explanations.
1-Feb Paid annual rent starting February 1st totalling $12,000.
30-Apr Borrowed $20,000 cash from Santa Monica Bank at 9% interest, principal and interest payable in 12 months.
13-Sep Purchased office supplies on account for $900.
1-Nov Paid $2,400 for a two year insurance policy.
3-Dec Received an advance of $6,000 from a customer.
| The following items are to be adjusted as of December 31, 2022 yearend. Use the journal entries above | |||||||||||
| when necessary. Explanations are required. | |||||||||||
| (A) | Adjust the expired portion of prepaid rent. | ||||||||||
| (B) | Accrue interest on 4/30/2022 bank loan. | ||||||||||
| (C) | Office supplies had a beginning balance of $550 and unused supplies of $750 at yearend. | ||||||||||
| (D) | Adjust the expired portion of prepaid insurance. | ||||||||||
| (E) | Analysis shows that $2,500 of the unearned revenue is now earned. | ||||||||||
| (F) | Accrued salaries as of the yearend are $2,100. | ||||||||||
| (G) | Depreciation of equipment for the year is $500. |
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