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Part 1 Financial Reporting and the A Adjusting Entries Wallin Enterprises disclosed the following information on December 31, 2017 (before a entries were made); 1. In June, Wallin purchased an insurance premium for $54,000 for the 18 months be any adjusting ning on 2017 On November I, Wallin received $12,000 from Judy Phan for six months of rent b November 1 On February 1, Wallin borrowed $50,000 expense this year On October 1, Wallin loa collected or recorded at 10% interest. Wallin has not recognized any interest 3. ned Chris Spiker $15,000 at 12% interest. No interest revenue has been 4. For each item listed, prepare the necessary adjusting entries to be made on December 31, 2017 Adjusting Entries Consider the following information related to the Gold Medal Company: 1. At the beginning of the year, the company had $245 in supplies on hand. During the year, the company purchased $1,950 in supplies. At the end of the year, the company had $760 in supplies on hand The company pays its employees on the 15th of each month. The monthly payroll (ignoring payroll taxes) is $38,000. 2. 3. On November 1, the company received a $42,000 check for services. The transaction was recorded as unearned revenue. By year end, the Gold Medal Company had completed one-fourti of the required work related to this service. Gold Medal expects to complete the rest of t within the first two months of the next year 4. On December 15, Gold Medal paid $5,600 for factory rental related to January of the next yeat For each item listed, prepare the necessary adjusting entries to be made on December 31. hew Analysis of Accounts

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