Several transactions for Menlo Co.are presented below.The company adjusts its books only at year-end.
a. On February 1, Menlo Co. leased a warehouse to another company for $ \$ 36,000 $ for a three-year period. The company credited a revenue account on Februaty 1 when the total amount of $ \$ 36,000 $ was received in cash
b. On September 1, Menlo Co. paid $ \$ 4,800 $ to a local trucking company for certain deliveries each day over a two-year period of time. The company charged an asset account on September 1.
c.On May 1 , the company borrowed $ \$ 10,000 $ on an $ 8 \% $, one-year note.
d.On March 10, Menlo Co. bought $ \$ 180 $ of office supplies and debited the office supplies account. At the beginning of the year; office supplies of $ \$ 30 $ were on hand and disclosed on the Januaty 1 balance sheet. At the end of the year, there were $ \$ 46 $ of office supplies on hand. Required:
Prepare adjusting entries for December 31.

Question

Several transactions for Menlo Co.are presented below.The company adjusts its books only at year-end.
 a. On February 1, Menlo Co. leased a warehouse to another company for $ \$ 36,000 $ for a three-year period. The company credited a revenue account on Februaty 1 when the total amount of $ \$ 36,000 $ was received in cash
b. On September  1, Menlo Co. paid $ \$ 4,800 $ to a local trucking company for certain deliveries each day over a two-year period of time. The company charged an asset account on September 1.
c.On May 1 , the company borrowed $ \$ 10,000 $ on an $ 8 \% $, one-year note.
d.On March 10, Menlo Co. bought $ \$ 180 $ of office supplies and debited the office supplies account. At the beginning of the year; office supplies of $ \$ 30 $ were on hand and disclosed on the Januaty 1 balance sheet. At the end of the year, there were $ \$ 46 $ of office supplies on hand. Required:
Prepare adjusting entries for December 31.

Quizplus · Accepted Answer

The Answer of Several transactions for Menlo Co.are presented below.The company adjusts its books only at year-end.
 a. On February 1, Menlo Co. leased a warehouse to another company for $ \$ 36,000 $ for a three-year period. The company credited a revenue account on Februaty 1 when the total amount of $ \$ 36,000 $ was received in cash
b. On September  1, Menlo Co. paid $ \$ 4,800 $ to a local trucking company for certain deliveries each day over a two-year period of time. The company charged an asset account on September 1.
c.On May 1 , the company borrowed $ \$ 10,000 $ on an $ 8 \% $, one-year note.
d.On March 10, Menlo Co. bought $ \$ 180 $ of office supplies and debited the office supplies account. At the beginning of the year; office supplies of $ \$ 30 $ were on hand and disclosed on the Januaty 1 balance sheet. At the end of the year, there were $ \$ 46 $ of office supplies on hand. Required:
Prepare adjusting entries for December 31.

Several Transactions for Menlo Co $36,000 \$ 36,000 $36,000 For a Three-Year Period

Several Transactions for Menlo Co $\$ 36,000$ For a Three-Year Period