Several transactions for trolley inc are presented below, Ask an Expert

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Several transactions for Trolley, Inc. are presented below. The company adjusts its books only at year-end.

a. On August 1, the company rented some land from another company for $2,660 for a three-year time period. Trolley charged an expense account on August 1.

b. On February 1, Trolley received $8,000 for a four-year technical service contract. Trolley is performing the services evenly over the four-year period. The company credited a liability account, Unearned Service Revenue, on February 1.

c. On May 1, Trolley loaned $3,400 to another company on a 12%, one-year note.

d. The weekly (five-day) payroll of Trolley amounts to $2,500. All employees are paid at the close of business each Friday. December 31 falls on a Thursday.

Prepare adjusting entries for December 31.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91975209

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