31, 2020 Page 7 Question 7: Using the following data, prepare the adjusting entries for the month ended December a. Insurance in the amount of $400 expired during December b. On December 1, the supplies account had a balance of $600: $2,800 of supplies were purchased during December. A physical count of supplies on December 31 indicated $1,400 on hand. c. Depreciation on equipment for December is $1,000. d. Employees are paid $5,000 every Friday for the five-day work week Monday - Friday. They were last paid on Friday, December 26. December 31 is a Wednesday. Date Account Titles Ref Debit Credit Question 3: Determine the missing amount in the expanded accounting equation for each of the following: Assets = Liabilities + Com.Stk + Beg. R/E+ Revenues - Expenses - Dividends 1. $74,000 = $64,000 + $9,000+ $10,000 + $60,000 - $35,000 - X 2. $128,000 = x + $65,000 + $20,000 + $65,000 - $36,000 - $28,000 3. $200,000 = $143,000 + $18,000 + $ 23,000 + $44,000 - X $15,000