Information related to accounts requiring adjustments on the work sheet for the

Information related to accounts requiring adjustments on the work sheet for the year ended December 31 for Magner’s Advertising Center follows. 


Instructions

In your working papers, identify the amount of each adjustment, which account is debited, and which account is credited.

1. The Trial Balance section shows a balance of $4,239.80 for Supplies. The amount of supplies actually on hand at the end of the period is $912.15.

2. Magner’s paid an annual insurance premium of $4,920.00 on October 1.