Exercise $3-6($Algo$)$ Preparing adjusting entries LO P$1,$ P$2,$ P$3$

a$.$ Depreciation on the company's equipment for the year is computed to be $$11,000.$

b$.$ The Prepaid Insurance account had a $$7,000$ debit balance at December $31$ before adjusting for the costs of any expired

coverage. An analysis of the company's insurance policies showed that $$1,320$ of unexpired insurance coverage remains.

c$.$ The Supplies account had a $$340$ debit balance at the beginning of the year, and $$2,680$ of supplies were purchased during the

year. The December $31$ physical count showed $$401$ of supplies available.

d$.$ Two$-$thirds of the work related to $$12,000$ of cash received in advance was performed this period.

e$.$ The Prepaid Rent account had a $$5,800$ debit balance at December $31$ before adjusting for the costs of expired prepaid rent. An

analysis of the rental agreement showed that $$4,480$ of prepaid rent had expired.

f$.$ Wage expenses of $$1,000$ have been incurred but are not paid as of December $31.$

Prepare adjusting journal entries for the year ended December $31$ for each separate situation.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Depreciation on the company's equipment for the year is computed to be

$$11,000.$