Reference no: EM133131143
Question -
Q1. On October 1, 2020, Romeo's Delivery had a balance of $2,000 in its Supplies account. Additional supplies were purchased during the year totaling $3,500. The supplies inventory on December 31, 2020, amounts to $1,050. Assuming December 31, 2020 year end, what is the correct adjusting entry to record at year end?
Q2. On July 1, 2020, Romeo's Deliver was loaned $18,000 for 2 years at 6% per annum, in the form of a note payable. Assuming a December 31, 2020 year end and that principal is due at end of agreement what is the correct adjusting entry to record?
Q3. On December 1, 2020, Romeo's Delivery moved to a new commercial space. Rent is $975 per month. Romeo paid the first six months' rent as a deposit for the new lease. Assume a December 31, 2020 year end. Please provide only the accrual portion of the entry and provide any calculations.
Q4. Romeo's Delivery has three employees that are each paid $155 per day. On December 31, 2020, these employees had each worked two days since they were last paid. Please provide the correct adjusting entry, along with any supporting calculations.
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