Business, 03.04.2020 04:32 thornlilly17
Grasshopper Lawn Service provides general lawn maintenance to customers. The company’s fiscal year-end is December 31. Information necessary to prepare the year-end adjusting entries appears below.
On October 1, 2021, Grasshopper lent $75,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022.
On November 1, 2021, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount.
On August 1, 2021, Grasshopper collected $16,500 in advance rent from another company that is renting a portion of Grasshopper’s building. The $16,500 represents one year’s rent, and the entire amount was credited to Deferred Revenue.
Depreciation for the year is $19,500.
Salaries for the year that had been earned by employees but not paid to them or recorded is $9,500.
Grasshopper began the year with $20,000 in its Supplies account. During the year $63,500 in supplies were purchased and debited to the Supplies account. At year-end, supplies costing $23,500 remain on hand.
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