Journalize the necessary year-end adjusting entries based the following account balances before adjustments Trial Balance (partial) December
Question:
Journalize the necessary year-end adjusting entries based the following account balances before adjustments
Trial Balance (partial)
December 31, 20 ___
Account Title | Debit | Credit |
Cash | 12,340 |
|
Supplies | 2,100 |
|
Prepaid Insurance | 1,800 |
|
Equipment | 34,000 |
|
Accumulated Depreciation – Equipment |
| 8,000 |
Accounts payable |
| 6,430 |
Wages Expense | 17,333 |
|
Insurance Expense | 3,800 |
|
a. The inventory of supplies on hand at December 31, 20,___ was $230.
b. The 4 month insurance premium of $1,800 was purchased on December 1,20___.
c. The $34,000 of equipment was purchased on January 1, two years ago. It has a salvage value of $2,000. Straight-line depreciation was used to compute depreciation at the end of last year.
d. Wages accrued at December 31, 20___ were $3,700.
Omit explanations. If an amount box does not require, leave it blank.