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Atlantic Company is completing adjusting entries at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. Debits Credits The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. Code Amount Code Amount They are coded below for easy reference. A. Office Supplies J. Office Supplies Expense B. Accounts Receivable K. Rent Expense C. Accumulated Depreciation L. Bad Debt Expense D. Interest Receivable M. Depreciation Expense Calculations: E. Notes Payable N. Interest Expense F. Interest Payable O. Sales Revenue G. Property Tax Payable P. Rent Revenue H. Unearned Rent Q. Interest Revenue I. Rent Payable R. Equipment Below are the four adjusting entries: 1. On January 1, 20X1, equipment was purchased for $6,000. The equipment had an estimated useful life of five years with no residual value. It is depreciated using the straight-line method. Record depreciation. 2. On November 1, 20X1, collected $1,800 rent revenue in advance for some warehouse space temporarily rented to a customer (credited in full to Unearned Rent). The rent was collected for November, December, and January. 3. Office supplies purchased during 20X1 amounted to $400 which was debited in full to office supplies during the year. The year-end inventory count of office supplies showed $100 of supplies on hand. The beginning inventory of office supplies was $150. 4. On November 1, 20X1, the company signed a $6,000 interest bearing note payable. It was for one year and specified 12 percent annual interest payable at the maturity date of the note. Required You are to indicate the appropriate account code and amount for each required adjusting entry at December 31, 20X1. Fill in your answers in the table provided to the right. Show your calculations for the amounts below the table.

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