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Refer to E4-6. Data From E4-6. Fesel Company is making

Refer to E4-6. Data From E4-6. Fesel Company is making adjusting journal entries for the year ended

Question:

Refer to E4-6.

Data From E4-6.

Fesel Company is making adjusting journal entries for the year ended December 31, 2017. In developing information for the adjusting journal entries, you learned the following:

a. A two-year insurance premium of $7,200 was paid on January 1, 2017, for coverage beginning on that date. As of December 31, 2017, the unadjusted balances were $7,200 for Prepaid Insurance and $0 for Insurance Expense.

b. At December 31, 2017, you obtained the following data relating to shipping supplies:

Unadjusted balance in Shipping Supplies on December 31, 2017 Unadjusted balance in Shipping Supplies Expense on December 31, 2017 Shipping supplies on hand, counted on December 31, 2017 $15,000 72,000 10,000

Required:

Prepare adjusting journal entries at December 31, 2017, for the transaction (a) dealing with insurance, and transaction (b) dealing with shipping supplies.

Transcribed Image Text:

Unadjusted balance in Shipping Supplies on December 31, 2017 Unadjusted balance in Shipping Supplies Expense on December 31, 2017 Shipping supplies on hand, counted on December 31, 2017 $15,000 72,000 10,000

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Fundamentals of Financial Accounting

ISBN: 978-1259269868

5th Canadian edition

Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh

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Question Posted: Jan 16, 2020 10:31 AM

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Refer to E4-6. Data From E4-6. Fesel Company is making adjusting journal entries for the year ended

Question:

Unadjusted balance in Shipping Supplies on December 31, 2017 Unadjusted balance in Shipping Supplies Expense on December 31, 2017 Shipping supplies on hand, counted on December 31, 2017 $15,000 72,000 10,000

Step by Step Answer:

a drInsurance Expense ESE 3600 crPrepaid Insurance A 360...View the full answer

Fundamentals of Financial Accounting

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