Several Transactions for Trolley, Inc

question 64

Essay

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 paid $8,000 for a four-year technical service contract. Trolley will receive services evenly throughout the four-year period. The company debited the asset account, Prepaid Service Contract, 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.
Required:
Prepare adjusting entries for December 31. Round to the nearest whole dollar.)

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Definitions:

Functionalists

Scholars or theorists who view society as a complex system whose parts work together to promote solidarity and stability.

Innate Masculine

A concept or belief in traits or qualities considered inherently or naturally associated with being male.

Social Constructionism

The theory that argues many aspects of the social world are created through collective human agreement and that our understanding of reality is shaped through social interactions.

Gender Ideologies

Systems of beliefs and values that define and justify the roles, rights, and responsibilities of individuals based on their gender.