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PROBLEM 1.

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PROBLEM 2.

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PROBLEM 3.

PA4-2 Analyzing and Recording Adjusting Journal Entries [LO 4-1, LO 4-2 Brokeback Towing Company is at the end of its accounting year, December 31, 2015. The following data that must be considered were developed from the company's records and related documents a. On July 1, 2015, a two-year insurance premium on equipment in the amount of $696 was paid and debited b. At the end of 2015, the unadjusted balance in the Supplies account was $1,000. A physical count of c. On December 31, 2015, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $840. d. On December 31, 2015, the company completed a contract for an out-of-state company for $8,150 in full to Prepaid Insurance on that date. Coverage began on July 1 supplies on December 31, 2015, indicated supplies costing $340 were still on hand. The amount is not yet recorded. It will be paid during January 2016. payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. e. On July 1, 2015, the company purchased a new hauling van. Depreciation for July-December 2015, f. As of December 31, the company owes interest of $540 on a bank loan taken out on October 1, 2015. The g. Assume the income after the preceding adjustments but before income taxes was $34,000. The estimated to total $2,950, has not been recorded. nterest will be paid when the loan is repaid on September 30, 2016. No interest has been recorded yet. company's federal income tax rate is 30%. Compute and record income tax expense. 1. Give the adjusting journal entry required for each item at December 31, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)