The information presented below is for Steff en Sweet Shop. a. Interest of $12,600 is payable for
Question:
The information presented below is for Steff en Sweet Shop.
a. Interest of $12,600 is payable for September 2012 through December 2012 on a 7%, $540,000 loan and has not been recorded.
b. Rent of $76,900 was credited to an unearned revenue account when received. Of this amount, $37,750 is still unearned at year-end.
c. Interest revenue of $11,200 from a $140,000 note has been earned but not collected or recorded.
d. The expired portion of an insurance policy is $6,320. Prepaid Insurance was originally debited.
e. Rent of $45,000 was paid for six months in advance on October 15, 2012, and debited to Prepaid Rent.
f. Salaries for the period December 26, 2012, to December 31, 2012, amounted to $21,700 and have not been recorded or paid. (Ignore payroll taxes.)
Required:
Prepare the adjusting entries that should be made on December 31, 2012. (Omit explanations.)
Step by Step Answer:
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain