148.Record journal entries for the following:
(a)On December 1, $18,000 was received for a service contract to be performed from December 1 through April30.
(b)If the service work for this contract is performed evenly and on a regular basis throughout this period, preparethe adjusting journal entry on December 31.
149.On December 31, the balance in the office supplies account is $1,385. A count shows $435 worth of supplies onhand. Prepare the adjusting entry for supplies.
150.Depreciation on equipment for the year is $6,300.
(a)Record the journal entry if the company adjusts its account once a year.
(b)Record the journal entry if the company adjusts its account on a monthly basis.
151.The company determines that the interest expense on a note payable for period ending December 31 is $775. Thisamount is payable on January 1. Prepare the journal entries required on December 31 and January 1.
152.On January 2, Dog Mart prepaid $30,000 rent for the year and recorded the prepayment in an asset account.Prepare the January 31 adjusting entry for rent expense.