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Prepare necessary year-end adjusting entries at end of june

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Problem 1: Prepare the necessary year-end adjusting entries at the end of June 30, 2021

a. On December 1, 2020, the company paid its annual fire insurance premium of $2,000 for the year beginning December 1 and debited prepaid insurance.

b. On August 31, 2020, the company borrowed $27,500 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.

c. Depreciation on the office building is $12,000 for the fiscal year.

Reference no: EM132789908

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