Answer:
Hentzel purchased supplies in the amount of $12,000 (debited to Supplies inventory), and of this amount, $3,000 were unused as of December 31, 20X1.
December 31, 20x1, supplies expense adjusting entry
Dr Supplies expense 9,000
Cr Supplies 9,000
On March 1, 20X1, Hentzel received $18,000 for landscaping services to be rendered for 18 months (beginning July 1, 20X1). This amount was credited to a liability called Deferred landscaping revenue.
December 31, 20x1, deferred revenue adjusting entry
Dr Deferred landscaping revenue 6,000
Cr Landscaping revenue 6,000
The company’s gasoline bill for $2,500 for the month of December 20X1 was not received until January 15, 20X2. No entry was made.
December 31, 20x1, gasoline expense adjusting entry
Dr Gasoline expense 2,500
Cr Gasoline payable 2,500
The company borrowed $50,000 from HomeTown Financing on April 1, 20X1, at a 5% interest rate per annum. It credited a liability for notes payable. The principal, along with all the interest, is due on April 1, 20X2.
December 31, 20x1, interest expense adjusting entry
Dr Interest expense 1,875
Cr Interest payable 1,875
On January 1, 20X1, the company purchased 10 lawnmowers at $3,000 each. It debited fixed assets. The lawnmowers are expected to last for three years with no salvage value.
December 31, 20x1, depreciation expense adjusting entry
Dr Depreciation expense 1,000
Cr Accumulated depreciation, lawnmowers 1,000
Preparation of all adjusting entries necessary to prepare financial statement.
Hentzel Landscaping
Hentzel purchased supplies in the amount of $12,000 (debited to Supplies inventory), and of this amount, $3,000 were unused as of December 31, 20X1.
December 31, 20x1, supplies expense adjusting entry
Dr Supplies expense 9,000
Cr Supplies 9,000
On March 1, 20X1, Hentzel received $18,000 for landscaping services to be rendered for 18 months (beginning July 1, 20X1). This amount was credited to a liability called Deferred landscaping revenue.
December 31, 20x1, deferred revenue adjusting entry
Dr Deferred landscaping revenue 6,000
Cr Landscaping revenue 6,000
The company’s gasoline bill for $2,500 for the month of December 20X1 was not received until January 15, 20X2. No entry was made.
December 31, 20x1, gasoline expense adjusting entry
Dr Gasoline expense 2,500
Cr Gasoline payable 2,500
The company borrowed $50,000 from HomeTown Financing on April 1, 20X1, at a 5% interest rate per annum. It credited a liability for notes payable. The principal, along with all the interest, is due on April 1, 20X2.
December 31, 20x1, interest expense adjusting entry
Dr Interest expense 1,875
Cr Interest payable 1,875
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