ACCT 201 Case Fall 2020 Page 7 Question 7: Using the following data, prepare the adjusting entries for the month ended December 31, 2020 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 Ref Debit Credit Date Account Titles - END OF CASE