10 Nov Adjusting EntriesIn analyzing the accounts of Loma
Adjusting EntriesIn analyzing the accounts of Loma Corporation, the adjusting data listed below are determined on December 31, the end of an annual fiscal period.(a) The prepaid insurance account shows a debit of $4,800, representing the cost of a 2-year fire insurance policy dated July 1.(b) On September 1, Rent Revenue was credited for $5,750, representing revenue from sub rental for a 5-month period beginning on that date.(c) Purchase of advertising materials for $2,475 during the year was recorded in the advertising expense account. On December 31, advertising materials costing $475 are on hand.(d) On November 1, $3,000 was paid for rent for a 5-month period beginning on that date. The rent expense account was debited.(e) Miscellaneous Office Expense was debited for office supplies of $1,350 purchased during the year. On December 31, office supplies of $250 are on hand.(f) Interest of $428 has accrued on notes payable.1. Give the adjusting entry for each item.2. What sources would provide the information for each adjustment?
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