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Transactions for Hurricane Company during 2018 a On Oct 1 2018 Hurricane lends $9000 to another company The other company signs a note indicating principal and 12% interest will be paid

Transactions for Hurricane Company during 2018 a) On Oct 1, 2018, Hurricane lends $9,000 to another company. The other company signs a note indicating principal and 12% interest will be paid to Hurricane on Sep 30, 2019. b) On Nov 1, 2018, Hurricane pays its landlord $4,500 representing rent for the months Nov-Jan. The payment is debited to Prepaid Rent for the entire amount. c) On Aug 1, 2018, Hurricane collects $13,200 in advance from another company that is renting a portion of Hurricane s factory. The $13,200 represents one year s rent and the entire amount is credited to Deferred Revenue. d) Depreciation on machinery is $5,500 for the year. e) Salaries for the year earned by employees but not paid to them or recorded are $5,000. f) Hurricane begins the year with $1,500 in supplies. During the year, the company purchases $5,500 in supplies and debits that amount to supplies. At year-end, supplies costing $3,500 remain on hand. Record adjusting entries for Dec 31, 2018. No financial statements were prepared during the year and no adjustments entries were recorded.

Apr 09 2020 View more View Less

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