Wade Company must make three adjusting entries on December 31, 2013.
a. Supplies used, $10,000; (supplies totaling $16,000 were purchased on December 1, 2013, and debited to the Supplies account).
b. Expired insurance, $7,200 on December 1, 2013; the firm paid $43,200 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount.
c. Depreciation expense for equipment, $4,800.
Make the journal entries for these adjustments and post the entries to the general ledger accounts: Use page 3 of the general journal for the adjusting entries. Use the following accounts and numbers.
Supplies | 121 |
Prepaid Insurance | 131 |
Accum. Depr.—Equip. | 142 |
Depreciation Exp.—Equip. | 517 |
Insurance Expense | 521 |
Supplies Expense | 523 |
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