When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December
Question:
1. The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year fire insurance policy dated August 1 of the current year.
2. On November 1, Rent Revenue was credited for $2,400, representing revenue from a sub-rental for a 3-month period beginning on that date.
3. Purchase of advertising supplies for $800 during the year was recorded in the Advertising Expense account. On December 31, advertising supplies of $290 are on hand.
4. Interest of $770 has accrued on notes payable.
Instructions
Prepare the following in general journal form.
(a) The adjusting entry for each item.
(b) The reversing entry for each item where appropriate.
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a Adjusting Entries 1 Insurance Expense 6000 X 524 1250 Prepaid Insurance 1250 2 ...View the full answer
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