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Record each adjusting entries

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Question - Adjusting entries:

1. The company paid $18,000 for a one year lease that commenced on 9/1/20.

2. The company received $25,000 in advance for services to be rendered in the future. As of 12/31/20 the company had earned $15,000.

3. The company paid $9,000 for a 1 year fire policy with an effective date of April 1, 2020.

4. During the year the company purchased $1,400 in supplies of which $400 remain on hand @ 12/31/20.

Requirement -

1. Record each adjusting entries and if they took to permanent account entries, and temporary entries.

2. What's reunification or effect if we don't make adjusting entries.

Reference no: EM132524604

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