Prepare adjusting journal entries on December 3 1 , 2 0 2 3 , for Pacioli Company.
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Question:
Prepare adjusting journal entries on December for Pacioli Company. Paciolis fiscal year ends on December Record the required adjusting entry only. You will lose a point or two for the unnecessary entry. Write NONE if no adjusting entry is required.
On August Pacioli paid its landlord $ representing rent for six months, August through January Prepaid rent was debited when paid.
On August Pacioli paid its landlord $ representing rent for six months, August through January Rent expense was debited when paid.
On October Pacioli borrowed $ from a local Bank and signed a month, note. The note requires interest to be paid on June
Pacioli debits supplies as an asset when purchased at $ in Supplies on hand at yearend cost $
Pacioli's equipment was purchased at a cost of $ on January It has a fiveyear useful life and no salvage value. The straightline depreciation is used.
Pacioli collected $ on November to cover six months rent paid in advance by a tenant and recorded the receipt in a liability account unearned revenue
Pacioli collected $ on November to cover six months rent paid in advance by a tenant and recorded the receipt in a revenue account rent revenue
Paciolis employees work Monday through Friday, and salaries of $ per week are paid each Friday. Pacioli's yearend falls on Tuesday.
On December Pacioli lent $ to one of its employees. A month note was signed by the employee with principal and interest to be paid on May
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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