Reference no: EM132806902
Question - Below are four transactions that were completed during 2016 by Timber Lodge. The annual accounting period ends on December 31. Each transaction will require an adjusting entry at December 31, 2016.
A. On July 1, 2016, Timber Lodge paid a two-year insurance premium for a policy on its facilities.
B. On December 31, 2016, a tenant renting some storage space from Timber Lodge had not paid the rent of $750 for December.
C. On September 1, 2016, Timber Lodge borrowed $25,000 cash and gave a one-year, 6 percent, note payable. The interest is payable on the note's due date of August 31 2017.
D. On October 1, 2016, Timber Lodge collected $10,000 from a tenant for two years rent beginning October 1, 2016.
Required - Prepare the 2016 adjusting entries required for Timber Lodge in good form.
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