Cricket Lawn Service provides general lawn maintenance to customers. The company's fiscal year-end is December 31. Information necessary to prepare the year-end adjusting entries appears below. 1. On October 1, 2024, Cricket lent $155,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $36,000 representing rent for the months of November through January. Prepaid Rent was debited for the entire amount. 3. On August 1, 2024, Cricket collected $40,500 in advance rent from another company that is renting a portion of Cricket's building. The $40,500 represents one year's rent, and the entire amount was credited to Deferred Revenue. 4. Depreciation for the year is $27,500. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $17,500. The company records vacation pay as Salaries Expense. 6. Cricket began the year with $36,000 in its Supplies account. During the year $71,500 in supplies were purchased and debited to the Supplies account. At year-end,supplies costing $31,500 remain on hand. Required: Prepare the necessary adjusting entries on December 31, 2024. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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