Prepare adjusting journal entries for the year ended (date of) December 31, 2010, for each of these separate situations.
a. Depreciation on the company’s equipment for 2010 is computed to be $18,000.
b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2010, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $1,100 of unexpired insurance coverage remains.
c. The Office Supplies account had a $700 debit balance on December 31, 2009, and $3,480 of office supplies was purchased during the year. The December 31, 2010, count showed $298 of supplies available.
d. The Prepaid Insurance account had a $6,800 debit balance at December 31, 2010, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $5,800 of coverage had expired.
e. Wage expenses of $3,200 have been incurred but are not paid as of December 31, 2010.
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