Required: Prepare the adjusting journal entries required at December 31. The following is Blossom Limo Service Ltd's

  

Required:

 Prepare the adjusting journal entries required at December 31.

Transcribed Image Text:

The following is Blossom Limo Service Ltd's unadjusted trial balance at its year end, December 31, 2024. The company adjusts its accounts annually. Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Vehicles Accumulated depreciation-vehicles Furniture: Accumulated depreciation-furniture Deferred revenue Bank loan payable, due September 1, 2027 Common shares Debit $4,830 8,630 2,630 3,780 2,420 60,900 16,800 Credit $15,225 4,200 3,780 28,800 5,250 The following is Blossom Limo Service Ltd's unadjusted trial balance at its year end, December 31, 2024. The company adjusts its accounts annually. Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Vehicles Accumulated depreciation-vehicles Furniture: Accumulated depreciation-furniture Deferred revenue Bank loan payable, due September 1, 2027 Common shares Debit $4,830 8,630 2,630 3,780 2,420 60,900 16,800 Credit $15,225 4,200 3,780 28,800 5,250

Answer rating: 100% (QA)

BLOSSOM LIMOSERVICE LTD CLOSING ADJUSTED JOURNAL ENTRIES Account Title Debit Credit 1 I nsurance Expense Dr 3150 To Prepaid Expense Cr 3150 Insurance ... View the full answer