You are asked to prepare the following adjusting entries for Mary's Sewing at December 31, 2024: 1. Supplies of $520, originally recorded as supplies, were used during the year. Prepaid insurance of $640 expired during the year. Annual depreciation on equipment is $2,000. 2. 3. Journalise the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Date Account Titles and Explanation 1. 2. 3. Dec. 31 Dec. 31 Dec. 31 Debit Credit

The Yellow Canoe Company made year-end adjusting entries affecting each of the following accounts: InterestRevenue (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance(credited). Which account is likely to appear in Yellow Canoe’s reversing entries?a. Depreciation Expenseb. Interest Revenuec. Prepaid Insuranced. None of these answer choices is correct.

On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31.     Journalize the entry on July 1 and the adjusting entry on December 31 for Sunland Company. Sunland uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31. 1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock’s depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits Prepaid Insurance. 4. On September 1, 2021, the company borrows $20,000 from a local bank and signs a note. Principal and interest at 12% will be paid on August 31, 2022. 5. At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand.Required: Record the necessary adjusting entries on…

Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…

Marsteller Properties Inc. owns apartments that it rents to university students. At December 31,2019, the following unadjusted account balances were available:                                        The following information is available for adjusting entries:a. An analysis of apartment rental contracts indicates that $3,800 of apartment rent is unbilledand unrecorded at year end.b. A physical count of supplies reveals that $1,400 of supplies are on hand at December 31, 2019.c. Annual depreciation on the buildings is $204,250.d. An examination of insurance policies indicates that $12,000 of the prepaid insurance applies to coverage for 2019.e. Six months’ interest at 9% is unrecorded and unpaid on the notes payable.                                                                                            f. Wages in the amount of $6,100 are unpaid and unrecorded at December 31.g. Utilities costs of $300 are unrecorded and unpaid at December 31.h. Income taxes of $5,738 are unrecorded…