Question: FMGT 1105Pls show answer step by step PROBLEM 3 - Adjusting Journal Entries (6 Marks) Potato Company prepares annual financial statements. Below are selected accounts

FMGT 1105Pls show answer step by step

PROBLEM 3 - Adjusting Journal Entries (6 Marks) Potato Company prepares annual financial statements. Below are selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the year ended September 30, 2024. Debit Credit Supplies .... ....... ..... $ 2,700 Prepaid Insurance .. 5,400 Equipment ..... 16,200 Accumulated Depreciation-Equipment.. $6,480 (Note: Debit column does not equal credit column because this is a partial listing of selected account balances.) An analysis of the account balances by the company's accountant provided the following additional information: 1. A physical count of supplies revealed $1,200 on hand on September 30. 2. A one-year life insurance policy was purchased on June 1. 3. Office equipment is expected to have a life of five years. Depreciation is recorded at the end of each year. Prepare the adjusting entries for the Company on September 30 and skip a line between adjusting journal entries. Transaction descriptions or explanations are not required, please show your calculations for partial marks. NUMBER ACCOUNTS - Transaction descriptions are not required DEBIT CREDIT Page 4

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