Several transactions for Buckner, Inc., are presented below.The company adjusts its books only at year-end.
a. On August 1, the company rented some land from another company for $ \$ 2,160 $ for a three-year time period. Buckner charged an expense account on August 1.
b. On Febuary 1, Buckner received $ \$ 6,000 $ for a four-ye ar techrical service contract. Buckner is performing the services evenly over the four-year period. The company credited a liability account on February 1.
c.On May 1, Buckner loaned $ \$ 4,400 $ to another company on a $ 12 \% $, one-year note.
d.The weekly (five-day) payroll of Buckner amounts to $ \$ 2,000 $. All employees are prid at the close of business each Friday. December 31 falls on a Thursday.
Required:
Prepare adjusting entries for December 31.

Question

Several transactions for Buckner, Inc., are presented below.The company adjusts its books only at year-end.
 a. On August 1, the company rented some land from another company for $ \$ 2,160 $ for a three-year time period. Buckner charged an expense account on August 1.
b. On Febuary 1, Buckner received $ \$ 6,000 $ for a four-ye ar techrical service contract. Buckner is performing the services evenly over the four-year period. The company credited a liability account on February 1.
c.On May 1, Buckner loaned $ \$ 4,400 $ to another company on a $ 12 \% $, one-year note.
d.The weekly (five-day) payroll of Buckner amounts to $ \$ 2,000 $. All employees are prid at the close of business each Friday. December 31 falls on a Thursday.
 Required:
Prepare adjusting entries for December 31.

Quizplus · Accepted Answer

The Answer of Several transactions for Buckner, Inc., are presented below.The company adjusts its books only at year-end.
 a. On August 1, the company rented some land from another company for $ \$ 2,160 $ for a three-year time period. Buckner charged an expense account on August 1.
b. On Febuary 1, Buckner received $ \$ 6,000 $ for a four-ye ar techrical service contract. Buckner is performing the services evenly over the four-year period. The company credited a liability account on February 1.
c.On May 1, Buckner loaned $ \$ 4,400 $ to another company on a $ 12 \% $, one-year note.
d.The weekly (five-day) payroll of Buckner amounts to $ \$ 2,000 $. All employees are prid at the close of business each Friday. December 31 falls on a Thursday.
 Required:
Prepare adjusting entries for December 31.

Several Transactions for Buckner, Inc $2,160 \$ 2,160 $2,160 For a Three-Year Time Period

Several Transactions for Buckner, Inc $\$ 2,160$ For a Three-Year Time Period