Below Are Four Transactions That Were Completed During 2016 by Timber

question 87

Essay

Below are four transactions that were completed during 2016 by Timber Lodge. The annual accounting period ends on December 31. Each transaction will require an adjusting entry at December 31, 2016.
Required:
Prepare the 2016 adjusting entries required for Timber Lodge.
A.On July 1, 2016, Timber Lodge paid a two-year insurance premium for a policy on its facilities.This transaction was recorded as follows:

B.On December 31, 2016, a tenant renting some storage space from Timber Lodge had not paid the rent of $750 for December.
C.On September 1, 2016, Timber Lodge borrowed $25,000 cash and gave a one-year, 6 percent, note payable.The interest is payable on the note's due date of August 31 2017.The September 1, 2016 transaction was recorded as follows:

D.On October 1, 2016, Timber Lodge collected $10,000 from a tenant for two years rent beginning October 1, 2016.The $10,000 collection was recorded as follows:

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Definitions:

Addendum

A term often used in mechanical engineering to describe the radial distance between the pitch circle and the outermost point of a gear tooth.

Dedendum

The portion of a gear tooth that lies below the pitch circle, extending down to the root of the tooth.

Pitch Line

An imaginary line in the middle of the gear tooth's profile, where the teeth of two gears effectively mesh without slipping.

RoadRanger 18-speed Transmission

A specific model of manual transmission featuring 18 forward speeds, used primarily in heavy-duty commercial vehicles for optimized performance and versatility.