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Lein Corp entered into the following transactions during its first year in business. The firm prepares adjusting entries on an annual basis.
1 Jan 1: Bought equipment with a 7 year useful life. Value of equipment...........
Lein assumes equal depreciation annually. 2 March 31: prepaid one years rent 3 July 1, took bank loan at 8% for... 4 August 1: received payment for services not yet rendered...............
5 On Dec 31, had earned of payment in Item 4 6 On Dec 31, utility expense of............ have been incurred. Prepare journal entries for Items 1-4 and YE adjusting entries.
Financial Statement Analysis and Preparation
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