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  3. a. on december 31,201, the notes payable account a

a. On December 31,201, the Notes Payable account at Northwood Manufacturing Company had a balance...

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Accounting

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a. On December 31,201, the Notes Payable account at Northwood Manufacturing Company had a balance of $11,000. This balance represented a three-month, 9 percent note issued on November 1. b. On January 2, 20X1, Hitech Computer Consultants purchased flash drives, paper, and other supplies for $6,410 in cash. On December 31,201, an inventory of supplies showed that items costing $1,670 were on hand. The Supplies account has a balance of $6,410 c. On October 1, 20X1, North Dakota Manufacturing paid a premium of $14,160 in cash for a one-year insurance policy. On December 31, 20X1, the Prepaid Insurance account has a balance of $14,160. d. On June 1, 20X1, Headcase Beauty Salon signed a one-year advertising contract with a local radio station and issued a check for $12,240 to pay the total amount owed. On December 31,201, the Prepaid Advertising account has a balance of $12,240. For each of the above independent situations, prepare the adjusting entries that must be made on the December 31 , 20X1, worksheet assuming no previous adjusting entries have been made during the year. (Round your answers to 2 decimal places.) Journal entry worksheet Record an adjusting entry for interest. Note: Enter debits before credits

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