Final answer:
The entry posted on July 1 for Carla Vista Co. would depend on the specific transaction or event that occurred, while the annual adjusting entry on December 31 would involve adjusting the company's accounts to reflect accrued expenses or revenue that have been incurred but not yet recorded.
Step-by-step explanation:
The entry posted on July 1 for Carla Vista Co. would depend on the specific transaction or event that occurred on that date. Without more information, it is difficult to provide a specific entry. However, in general, July 1 entries could include:
- A debit to an asset account (e.g. Cash) and a credit to a liability account (e.g. Notes Payable) for a loan received.
- A debit to an asset account (e.g. Equipment) and a credit to a liability account (e.g. Accounts Payable) for a purchase of equipment.
The annual adjusting entry on December 31 for Carla Vista Co. would generally involve adjusting the company's accounts to reflect accrued expenses or revenue that have been incurred but not yet recorded. For example, an adjusting entry could involve debiting an expense account (e.g. Rent Expense) and crediting a liability account (e.g. Accrued Rent Payable) for rent that has been incurred but not yet paid.