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.

---

Definitions:

Formal Report

A structured report with defined sections that presents and analyses data or findings for a specific audience and purpose.

Purpose Statement

A declaration that outlines the intent or goal of a document, presentation, or research project.

Request for Proposal

A formal document that an organization posts to solicit bids from potential vendors for a desired solution or project.

Purpose Statement

A declaration that outlines the objectives or goals of a project, paper, or organization, providing clear direction and focus.