Several Transactions for Buckner, Inc $\$ 2,160$ For a Three-Year Time Period

question 18

Essay

Several transactions for Buckner, 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 $\$ 2,160$ for a three-year time period. Buckner charged an expense account on August 1.
b. On Febuary 1, Buckner received $\$ 6,000$ for a four-ye ar techrical service contract. Buckner is performing the services evenly over the four-year period. The company credited a liability account on February 1.
c.On May 1, Buckner loaned $\$ 4,400$ to another company on a $12 \%$ , one-year note.
d.The weekly (five-day) payroll of Buckner amounts to $\$ 2,000$ . All employees are prid at the close of business each Friday. December 31 falls on a Thursday.
Required:
Prepare adjusting entries for December 31.

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Definitions:

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