(Answered) Lein corp entered into the following transactionsduring

Accounting

Lein Corp entered into the following transactions during its first year in business. The firm prepares adjusting entries on an annual basis.

1 Jan 1: Bought equipment with a 7 year useful life. Value of equipment...........

Lein assumes equal depreciation annually.

2 March 31: prepaid one years rent

3 July 1, took bank loan at 8% for...

4 August 1: received payment for services not yet rendered...............

5 On Dec 31, had earned of payment in Item 4

6 On Dec 31, utility expense of............ have been incurred.

Prepare journal entries for Items 1-4 and YE adjusting entries.

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