(Solved): The information necessary for preparing the 2024 year-end adjusting entries for Bearcat Personal T ...

The information necessary for preparing the 2024 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. 1. At the end of the year, Bearcat calculated that it owed $$\$24,000$$ in income taxes. Those taxes won't be paid until next April 15. 2. Salaries owed (but not paid) to employees for work from December 16 through December 31,2024 , are $$\$4,000$$. 3. On March 1, 2024, Bearcat lent an employee $$\$20,000$$. The employee signed a note requiring principal and interest at $$9\%$$ to be paid on February 28,2025 . 4. On April 1, 2024, Bearcat paid an insurance company $$\$13,200$$ for a two-year fire insurance policy. The entire $$\$13,200$$ was debited to Prepaid Insurance on April 1 at the time of the purchase. 5. Bearcat used $$\$1,700$$ of supplies in 2024 . The Supplies account was debited at the time of purchases. 6. Bearcat received $$\$2,700$$ from a customer on October 31, 2024, for three months of personal training that began November 1,2024 . Bearcat credited Deferred Revenue on October 31 at the time of cash receipt. 7. On December 1, 2024. Bearcat paid $$\$6.000$$ rent to the owner of the building. The payment represents rent for December 2024 through February 2025, at $$\$2,000$$ per month. Prepaid Rent was debited on December 1 at the time of the payment. Required: Record the necessary adjusting entries on December 31, 2024. No prior adjustments have been made during 2024. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first Journal entry worksheet 1 $$4567$$ On March 1, 2024, Bearcat lent an employee $$\$20,000$$. The employee signed a note requiring principal and interest at $$9\%$$ to be paid on February $$28,2025$$. Record the adjusting entry for interest at its year-end of December 31 . Note: Enter debits before credits.