The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022 Accounts receivable $100,000
Accounts payable 48,400
12% notes, payable to bank 628,000
Mortgage note payable 12,30,000

Other information:
a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.
b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing
paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.
c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and
apply the overpayments to those future purchases.
d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.

Required:
1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).
2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.

The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022

Accounts receivable $100,000

Accounts payable 48,400

12% notes, payable to bank 628,000

Mortgage note payable 12,30,000

Other information:

a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.

b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing

paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.

c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and

apply the overpayments to those future purchases.

d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.

Required:

1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).

2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022

Accounts receivable $100,000

Accounts payable 48,400

12% notes, payable to bank 628,000

Mortgage note payable 12,30,000

Other information:

a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.

b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing

paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.

c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and

apply the overpayments to those future purchases.

d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.

Required:

1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).

2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022

Accounts receivable $100,000

Accounts payable 48,400

12% notes, payable to bank 628,000

Mortgage note payable 12,30,000

Other information:

a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.

b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing

paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.

c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and

apply the overpayments to those future purchases.

d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.

Required:

1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).

2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.

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