For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2013, worksheet. Omit descriptions.
a. On December 31, 2013, the Notes Payable account at King Manufacturing Company had a balance of $14,000. This balance represented a three-month, 9 percent note issued on November 1.
b. On January 2, 2013, Wayland’s Word Processing Service purchased flash drives, paper, and other supplies for $5,950 in cash. On December 31, 2013, an inventory of supplies showed that items costing $1,517 were on hand. The Supplies account has a balance of $5,950.
c. On August 1, 2013, North Texas Manufacturing paid a premium of $12,324 in cash for a one-year insurance policy. On December 31, 2013, an examination of the insurance records showed that coverage for a period of five months had expired.
d. On April 1, 2013, Connie Crafts signed a one-year advertising contract with a local radio station and issued a check for $12,960 to pay the total amount owed. On December 31, 2013, the Prepaid Advertising account has a balance of $12,960.
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