For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2010.
a. Wages of $8,000 are earned by workers but not paid as of December 31, 2010.
b. Depreciation on the company’s equipment for 2010 is $18,531.
c. The Office Supplies account had a $240 debit balance on December 31, 2009. During 2010, $5,239 of office supplies is purchased. A count of supplies at December 31, 2010, shows $487 of supplies available.
d. The Prepaid Insurance account had a $4,000 balance on December 31, 2009. An analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at December 31, 2010.
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