Prepare year-end adjustments for the following transactions:
1. The company has a $21,000 note receivable with an interest rate of 7%, interest is due on 1^st of the month. Interest expense is recorded monthly.
2. Customer deposits of $7,500 have been received and not yet earned.
3. Annual rent, totalling $12,000, was paid in advance at the beginning of the year.
4. Services totalling $22,100 had been performed but not yet billed by the end of the year.
5. The company owns equipment worth $105,000. It has a 10 year estimated useful life and no residual value.
6. Supplies on hand at the beginning of the year totalled $880, during the year an additional $350 worth of supplies was purchased. By year end, only $100 in supplies remained.
7. Salaries owed to employees at the end of the year total $1,550.

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The Answer of Prepare year-end adjustments for the following transactions: 1. The company has a $21,000 note receivable with an interest rate of 7%, interest is due on 1^st of the month. Interest expense is recorded monthly. 2. Customer deposits of $7,500 have been received and not yet earned. 3. Annual rent, totalling $12,000, was paid in advance at the beginning of the year. 4. Services totalling $22,100 had been performed but not yet billed by the end of the year. 5. The company owns equipment worth $105,000. It has a 10 year estimated useful life and no residual value. 6. Supplies on hand at the beginning of the year totalled $880, during the year an additional $350 worth of supplies was purchased. By year end, only $100 in supplies remained. 7. Salaries owed to employees at the end of the year total $1,550.

Prepare Year-End Adjustments for the Following Transactions