Preparing adjusting entries
The following information is available for Goode Company. Assume that December 31 is the end of its annual accounting period.
a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a three-year fire insurance policy that was purchased on October 1 of the current year.
b. The Office Supplies account has a debit balance of $400; a year-end count reveals $80 of supplies still available.
c. On November 1 of the current year, Unearned Rent was credited for $1,500. This amount represented a prepayment received for a three-month period beginning November 1.
d. Depreciation on office equipment is $600.
Required
Record the December 31 adjusting entries for the transactions and events a through d.
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