Problem 1. (30 points) For the following independent cases occurring during year 2017 provide the...
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Accounting
Problem 1. (30 points) For the following independent cases occurring during year 2017 provide the necessary annual (a) adjusting entries and (b) the reversing entries if appropriate if not write no need l. Payments for purchases of supplies during year 2017 amounted to 20,000 and were recorded as expense. A physical count at the end of year 2017 revealed supplies costing 5.000 were on hand 2. Garcia Corporation received cash of s24,000 on August 1, 2015 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2017 adjusting entry is 3. Low Company received $12,000 on April 1, 2017 for one years rent in advance and recorded the transaction with a credit Revenue account. The December 31. 2017 adiusting entrv is 4.Ghiou Company paid 4,800 on June 1, 2017 for a two-year insurance policy and recorded the entire amount as Prepaid Insurance. The December 31, 2017 adjusting entry is son April 30, 2017 a ten-month, 12% note for 20,000 was received from a customer
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