Prepare the Following Adjusting Journal Entries for Mayville Magazine Company

question 7

Essay

Prepare the following adjusting journal entries for Mayville Magazine Company:
A) The Company has a Note Payable for $8,000 with an annual interest rate of 10%. The interest for the year needs to be recorded.
B) The beginning balance in the Printing Supplies account was $600. During the year additional supplies of $400 were purchased. A physical inventory count at the end of the year indicated that $160 of supplies are left.
C) The Company received $4,500 on May 1 for a twelve month magazine subscription.

• A) The Company has a Note Payable for $8,000 with an annual interest rate of 10%. The interest for the year needs to be recorded.
• B) The beginning balance in the Printing Supplies account was $600. During the year additional supplies of $400 were purchased. A physical inventory count at the end of the year indicated that $160 of supplies are left.
• C) The Company received $4,500 on May 1 for a twelve month magazine subscription.