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Record necessary adjusting entries at year-end on december

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Transactions occurred during 2021 for the Beehive Honey Corporation to make journal entries

Feb. 1 Borrowed $32,000 from a bank and signed a note. Principal and interest at 12% will be paid on January 31, 2022.
Apr. 1 Paid $7,600 to an insurance company for a two-year fire insurance policy.
July 17 Purchased supplies costing $4,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $2,250 remained on hand.
Nov. 1 A customer borrowed $7,800 and signed a note requiring the customer to pay principal and 10% interest on April 30, 2022.

Required:

Question 1. Record each transaction in general journal form.

Question 2. Record any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.

Reference no: EM132648351

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