Question

Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) a. The Supplies account shows a balance of $560, but a count of supplies reveals only $230 on hand at year-end. b. The company Initially records the payments of all Insurance premlums as prepald Insurance. The unadjusted trial balance at year- end shows a balance of $590 In Prepaid Insurance. A review of Insurance policies reveals that $180 of Insurance is unexpired. C. Employees work Monday through Friday, and salarles of $2,500 per week are paid each Friday. The company's year-end falls on Tuesday. d. At year-end, the company received a utility bill for December's electricity usage of $220 that will be paid in early January View transaction list Journal entry worksheet 2 3 4 The Supplies account shows a balance of $560, but a count of supplies reveals only $230 on hand at year-end. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Adjusting Enteries Adjusting Enteries Trans. Particulars a. Supplies Expense a/c To Supplies (Supplies expensed)560 - 230 Dr. Debit in $ Credit in $ 330 330 410 Insurance Expense a/c Dr. To Prepaid Insurance (Insurance expensed) 590 - 180 410 C. Dr. 1000 Salaries Expense a/c To Salaries Payable (Salaries accrued) 2500 x 2/5 1000 d. Dr. 220 Utility Expense a/c To Utility Payable (Electricity expense accrued) 220