Question: Scene Productions Inc set up its operations on December 15

Scene Productions Inc. set up its operations on December 15 of the current year and chose a December 31 year-end for ease in future years. Prepare the required journal entries and adjusting entries for the following items:
a. A one-year insurance policy was purchased on December 15 for $2,280. Supplies totalling $1,652 were purchased on December 15.
b. A $1,500 three-month advertising contract was signed and paid for on December 15.
c. Supplies totalling $48 were used in December.

Sale on SolutionInn
  • CreatedSeptember 15, 2015
  • Files Included
Post your question