Answer:
Given Below
Explanation:
<u><em> Beehive Honey Corporation: </em></u>
<u><em>General Journal</em></u>
<u><em>Journal Entries </em></u>
Date Particulars Debit Credit
Feb.1. Cash $ 24,000 Dr.
Notes Payable $ 24,000 Cr.
Feb. 1 Borrowed $24,000 from a bank and signed a note. Principal and interest at 8% will be paid on January 31, 2022.
Apr. 1 Prepaid Insurance 6,000 Dr.
Cash $ 6000 Cr
Apr. 1 Paid $6,000 to an insurance company for a two-year fire insurance policy.
July 17 Supplies Account $ 4000 Dr.
Accounts Payable $ 4000 Cr.
July 17 Purchased supplies costing $4,000 on account. The company records supplies purchased in an asset account.
Nov. 1 Notes Receivable $ 9,600 Dr.
Cash $ 9,600 Cr.
Nov. 1 A customer borrowed $9,600 and signed a note requiring the customer to pay principal and 6% interest on April 30, 2022.
<u><em> Beehive Honey Corporation: </em></u>
<u><em>General Journal</em></u>
<u><em>Adjusting Entries December 31st</em></u>
Sr. No Particulars Debit Credit
1. Interest Expense $ 1600 Dr.
Interest Payable $ 1600 Cr.
Interest accrued from Feb to December. ( $ 24000* 8% * 10/12 = $ 1600)
2. Insurance Expense $ 2250 Dr.
Prepaid Insurance 2250 Cr.
Insurance of $ 2250 expired during April to December. ( $ 3000 *9/12* = $ 2250)
3. Supplies Expense $ 2150 Dr.
Supplies Account $ 2150 Cr.
( $ 4000 - $ 1850= $ 2150)
At the year-end on December 31, 2021, supplies costing $1,850 remained on hand.
4. Interest Receivable $ 192 Dr.
Interest Income $ 192 Cr.
$9,600 * 6% * 2/6= $ 192 Accrued Interest not yet received.
